'Project Ruby' would reportedly have seen the Qatari consortium fronted by Sheikh Jassim bin Hamad al-Thani remove all debt from Manchester United and reveal fully-funded plans for a new 90,000-plus-seater stadium within days of announcing their takeover.

Sheikh Jassim and the Nine Two Foundation attempted to acquire the club outright, offering a reputed £4.79billion. However, U.S. Securities and Exchange Commission (SEC) filings documented earlier this year that the Qatar Islamic Bank chairman failed to provide proof of funds before withdrawing from the process.

After raising concerns over the proposal to purchase all the Glazers' shares, the United owners accepted the Sir Jim Ratcliffe-led Ineos bid to buy a quarter of the club's shares for £1.25bn. That deal ultimately valued United at £5bn.

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The Mail claims that the Qatari group had already drafted a strategy to announce their plans for the club for the first few days after their takeover. On the second day of their tenure as owners of United, it is reported they would reveal the removal of the club's debts.

The club's long-standing debt is currently £520 million ($650m), totalling £714m, according to the latest figures for the first quarter of the 2024-25 season released late last month. They also planned to remove the club from the New York Stock Exchange, where its shares have been trading since the summer of 2012, currently at around £14 ($17).

After those announcements, the next step was reputedly to reveal fully funded plans to build a new 90,000 to 100,000-seater stadium financed by the club. Ineos instead created the 'Old Trafford Regeneration Task Force' chaired by Lord Sebastian Coe and featuring former United captain Gary Neville in March. The club then confirmed earlier this month that it expects to decide on redeveloping Old Trafford or building a new stadium in the summer.

Although a deal to become Man United owner would not materialise, Sheikh Jassim remains hopeful of a full takeover in the future. In the same report, a Qatari advisor told the Mail: "He [Sheikh Jassim] is still a United fan. He is not going to rush off and try another Premier League club.

"If the opportunity to buy the whole of Manchester United arose again at some point in the future it is hard to see there not being a big level of interest. The plans are still there."