A first glimpse of Manchester United’s proposed regeneration plan has been announced with a proposed 100,000-seater-stadium.

United co-owner Sir Jim Ratcliffe has previously expressed his desire to build a “Wembley of the north” for the side, but has to decide whether to redevelop Old Trafford, where the club have played since 1910, or build a new 100,000-seater stadium.

Old Trafford currently has a capacity of 74,310, and Ratcliffe has explored options since becoming the club’s largest individual stakeholder over how to develop the site. But the first conceptual plans for the new development have been released.

The mayor of Greater Manchester, Andy Burnham, said on Tuesday that no public money would be used on the redevelopment of the stadium, although he plans for a “mixed use” development including apartments, shopping centres and an increase of public transport.

Burnham told ITV: “It could be the catalyst for growth across the North West.

“This scheme could also bring benefits to the Liverpool City Region. They have plans for a major strategic rail interchange just off the M6 in St Helens. If we relocate the freight behind the current Old Trafford, that will help that scheme go forward.”

However, one of the biggest obstacles with the Old Trafford site is the freight rail terminal currently actively used behind the Sir Bobby Charlton stand, which would need to be relocated before any expansion on the current site can be built.

Should United either knock down the existing stadium and build a new one, or redevelop the ground bit by bit, they are likely to lose revenue in the process. Tottenham were able to use Wembley while they knocked down White Hart Lane to build their new stadium, but there is no similar alternative in Manchester.

The proposed regeneration of Trafford Park could boost the UK economy by up to £7.3 billion, according to global advisory firm, Oxford Economics, a project due to be spearheaded by Ratcliffe.