LONDON — Soccer giant Manchester United plans to say goodbye to its storied Old Trafford stadium and build a 100,000-seater stadium nearby as the team continues to struggle on the field.
The Red Devils announced early Tuesday that Old Trafford, United's home since 1910 which holds 74,000 people, would be abandoned as part of a wider plan to regenerate the area.
United said in a statement that the plan could create 92,000 new jobs and more than 17,000 homes and attract 1.8 million visitors a year.
Jim Ratcliffe, co-owner of Manchester United, said it would be "the world’s greatest football stadium."
He added: "Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport."
Once an imposing cathedral of football, Old Trafford has been eclipsed in the 21st century by more modern stadiums across the country, including that of local rival Manchester City. It has been the source of criticism from visiting fans and journalists.
An image of the plans from architects Foster + Partners depicts an unusual web-like structure covering the stadium, suspended by three tall pillars.
Norman Foster, the company's founder, said it was an umbrella that would "harvest energy and rainwater" and cover a public plaza twice the size of London's Trafalgar Square.
Nicknamed the "Theater of Dreams" by Bobby Charlton, one of United's most famous players, Old Trafford has been the home of long periods of dominance in English and European soccer, including a historic "treble" in 1999, in which stars including David Beckham and Peter Schmeichel lifted the Champions League, Premier League and FA Cup trophies.
The club is still one of the world's most recognizable, but those dreams have turned to nightmares for United in recent years is its fortunes have dwindled dramatically since the departure of Alex Ferguson, the team's most successful and longest-serving manager.
The team is 14th in the Premier League Table after just nine wins in 28 games this season.
Thousands of fans gathered outside Old Trafford on Saturday to protest against the club's ownership, the more than 1 billion pounds ($1.29 billion) of debt it holds and an increase in ticket prices.
United still holds the record for the most top-flight league titles, with 20, although it may soon be forced to share the record with bitter rival Liverpool, which is behind United on 19 and is 15 points clear at the top of the Premier League table.
Ferguson said in the news release: "Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made."
