Manchester, July 29 : English club Manchester United is planning to build a 1,00,000-capacity new stadium by 2030. However, the final call on whether to build a new stadium or redevelop Old Trafford will be taken by the end of the year. The new stadium will cost around £2 billion ($2.6bn) as the club wants to accommodate between 90,000 to 1,00,000 spectators.

Co-owner Sir Jim Ratcliffe has previously favoured plans to build a new stadium on the site of the existing stadium, most probably on the land behind the Stretford End.

Plans are yet to be finalized but club officials have taken inspiration from several similar projects across the world, particularly from SoFi Stadium and the surrounding regeneration project near Los Angeles, ESPN reported.

As part of their pre-season tour in the USA, United hosted Arsenal at SoFi Stadium in Inglewood on Saturday. Sources told ESPN that club executives had made many trips to Los Angeles in recent years.

Former United striker Andy Cole, who was part of the contingent in L.A. for the game against Arsenal, said: "Manchester United fans and everyone in the north of England deserves a truly world-class stadium, and SoFi set the standard to aim for," former United striker Andy Cole, who was part of the contingent in LA, was quoted as saying by ESPN.

"I don't draw this comparison lightly, but you can see a parallel with the opportunity back home in Manchester. A new or redeveloped stadium at Old Trafford could be the focal point for the revitalization of the surrounding area," he added.

The United management also visited the revamped Bernabéu in Madrid and spent time at Wembley and the Tottenham Hotspur Stadium, as well as following the Chicago Bears Burnham Park project, the report said.

Since taking over the ownership of the club in February, Ratcliffe has made the stadium project a priority. The joint task force was set up in March to explore various options including Mayor of Manchester, Andy Burnham and former United captain Gary Neville.

Speaking at a fans' forum earlier this month, COO Collette Roche said: "The task force is making good progress in exploring the possibilities for a new or redeveloped stadium at the centre of a wider regeneration."

Roche said that "all options" for funding the project would need to be taken into consideration, but he also vowed that fans will be informed before any decisions are made about perhaps selling the naming rights to the new facility. All available financing possibilities, including public-private partnerships, will be explored by the task team.

/IANS