Manchester United unveiled plans on Tuesday to build the “world´s greatest” soccer stadium. A proposed 100,000-seater arena would surpass Wembley as the biggest in the United Kingdom. Under the plans, the 20-time English champion said it would build next to its iconic Old Trafford ground, likely meaning it would not need to relocate during the construction process. “Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport,” part owner Jim Ratcliffe said. “By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience only footsteps from our historic home.” United did not say how much the stadium would cost or reveal a timeline for its completion, but architect Norman Foster said building work would take five years. British billionaire Ratcliffe paid $1.3 billion for an initial 25% stake in United last year and made a new stadium one of his priorities. The possibility of redeveloping Old Trafford, one of the most iconic stadiums in soccer, was considered but an entirely new construction was the preferred option. “Today marks the start of an incredibly exciting journey to the delivery of what will be the world´s greatest football stadium,” Ratcliffe said. United wants the venue to be part of a wider project to regenerate the surrounding Old Trafford area, which it said would be worth 7.3 billion pounds ($9.4 billion) to the UK economy. The UK government has already voiced its support for the project, although the specifics of how it would be funded are not known. Wembley is currently the biggest stadium in the UK, with a capacity of 90,000, and is home to England´s national soccer team. Twickenham, which is home to the national rugby team, holds 82,500. Old Trafford is the country´s biggest dedicated soccer stadium with a capacity of just over 74,000, but is dated in comparison to the likes of the Tottenham Hotspur Stadium in London, which regularly hosts NFL games. “Our long-term objective as a club is to have the world´s best football team playing in the world´s best stadium,” United chief executive Omar Berrada said. Managerial great Alex Ferguson said the club “must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.” The announcement came days after thousands of United fans marched in protest against the club’s ownership in the face of cost cuts, ticket price rises and ongoing failure on the field. United is majority owned by the American Glazer family, which also owns the NFL´s Tampa Bay Buccaneers. Upon investing, Ratcliffe vowed to return the once-dominant club back to the summit of European soccer after more than a decade since it last won the Premier League. But his first year in charge of soccer operations has been turbulent. United endured its worst-ever Premier League season last year and is on course to set a new low this term, with the team currently languishing in the bottom half of the standings.