Manchester United minority owner Sir Jim Ratcliffe has announced plans to build a new 100,000-seat stadium next to Old Trafford.

"Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford," Ratcliffe said in a statement.

The British billionaire had been open about his desire for a new, state-of-the art ground since he became a minority owner in February of last year, and the club had been studying whether to redevelop the existing stadium or build a new one.

Here's what it will look like:

Information from Reuters contributed to this report.