Manchester United have formed a new strategic partnership with the city’s authorities to maximise wider growth and regeneration opportunities as part of their ambitious stadium plans.

United, Trafford Council and the Greater Manchester Combined Authority are creating an advisory team, led by an independent director, to oversee a joined-up vision for plans to transform the Old Trafford area with a new stadium as its centrepiece.

The group will ensure the work of the Old Trafford Regeneration Task Force established by United co-owner Sir Jim Ratcliffe in March to explore options to build a new stadium or redevelop the club’s existing home is closely aligned with the current Trafford Wharfside redevelopment project.

Lord Coe, chair of the Task Force, said: “The objective of this once-in-a-generation project is not only the development of a world-class stadium for the north of England, but also to ensure that this brings broad social and economic benefits to the local area and surrounding region.

“There is a huge opportunity to connect Trafford Wharfside regeneration with the ongoing growth of neighbouring Media City in Salford, and Greater Manchester’s Western Gateway and Central Growth Cluster plans, to create a project of national significance. The tripartite advisory team will help fully unlock this incredibly exciting potential.”

The advisory team will provide technical and project management support to United, Trafford Council and the GMCA as planning work intensifies and guidance that will help inform the Task Force’s final recommendations around the stadium and wider development.

United are not expected to make a final decision on a new build versus redevelopment of their existing Old Trafford ground until the end of the year but they are leaning towards the former option.

The club are drawing inspiration from the SoFi Stadium in Los Angeles – the centrepiece of the wider Hollywood Park development – and the Burnham Park project in Chicago which aims to transform the city’s lakefront just south of Soldier Field, where the Chicago Bears NFL team currently play. The aim is to build a new publicly owned, multi-purpose stadium as the heartbeat of a new sports, entertainment, recreation and cultural campus.

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Andy Burnham, the Mayor of Greater Manchester, said: “Greater Manchester has a strong claim to be the biggest footballing city-region on the planet. Few places come close to matching our heritage and the global impact of our clubs and our culture.

“The future of Old Trafford is the next chapter of that story, and we have a chance now to make sure it’s written properly.

“With this new partnership we have the expertise, the vision, and the passion to drive forward the regeneration of the Trafford Wharfside area, and deliver real benefits for the community, the fans, and for the economy across the North.”

The Trafford Wharfside project aims to create up to 5,000 new homes in the area as well as new opportunities for retail space and better connections between Trafford Wharfside, Salford and Manchester city centre.