Manchester United have confirmed plans to leave Old Trafford and move to a new 100,000-seater stadium.
The new stadium, which will be the largest in the UK, will be built on club-owned land adjacent to Old Trafford, with architect Lord Norman Foster saying it will take five years to construct.
Man Utd's co-owner Sir Jim Ratcliffe said the intention is to create "an iconic football stadium".
"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," said Ratcliffe.
United have spent the last 115 years at Old Trafford, which currently holds nearly 74,000 spectators, and are expected to continue to play at Old Trafford while the new stadium is built.
The new stadium, referred to as 'New Trafford' in a briefing document, will feature an umbrella design which, according to its architects, will harvest solar energy and rain water.
It will also include three masts that will make it visible from 40km away.
In an intriguing aside, United believe the new stadium will therefore be visible, on a clear day, from 'the outskirts of Liverpool'.
"This becomes a global destination," said Foster. "This has to be one of the most exciting projects in the world today."
United: The north of England deserves this stadium
In United's unveiling of their plans, Ratcliffe, who has previously spoken of building 'a Wembley of the north', repeatedly stressed the success of English football clubs outside of London as a basis for the club's proposal.
"The north of England has won 10 Champions League medals, London has two. But London has Wembley, Twickenham, Wimbledon and the Olympic Village," said the United co-owner.
"The north of England deserves a stadium where England can play football, where we can hold the Champions League final, and one befitting of Manchester United's stature.
"Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport."
How will the new stadium be funded?
United, who have debts of over £1bn, are yet to confirm how building the new stadium will be funded.
"If the government really gets behind this scheme, we will build an iconic football stadium," added Ratcliffe.
In a response, a spokesperson for the Prime Minister said: "The proposals involve significant investment and could generate 90,000 jobs and a significant boost to the economy.
"It's only been announced today, so we are unsure as to the amount yet. I'm not aware of any government support that has been committed to the project."
Ratcliffe said earlier this week that Manchester United would have run out of money by Christmas had he not made a series of recent cost-saving cuts.
According to United, the new stadium and wider regeneration project around Old Trafford could potentially deliver an additional £7.3bn to the UK economy annually, alongside the creation of 92,000 new jobs and more than 17,000 new homes.
Sky Sports News' chief reporter Kaveh Solhekol said: "The stadium is going to cost at least £2bn. I think it will cost more than that. Where is that money going to come from? It is going to come from banks. Manchester United are going to have to borrow money to build the stadium.
"I think lots of banks will be happy to lend the money to build this stadium because banks will think we can make money out of this deal because fans will go to the new ground, they will spend money and that money will go through the club and we'll make money from interest payments.
"So in the short term, banks will pay for the new stadium. But of course, in the long term, who pays for everything in football? Fans. They will pay to go to the new stadium. They will pay for tickets, which have gone up in price. They will pay for food and drink and entertainment and all of the new outlets that are going to be built around the stadium.
"So the short answer is banks will pay for it to be built. In the long term, fans will pay for it."
FIRST LOOK: WHAT MAN UTD'S NEW STADIUM WILL LOOK LIKE
Five years to build? Manchester ship canal key to short construction time
The proposed stadium's proximity to Manchester ship canal is vital, according to the club, because it will allow the stadium to be built in "modular" style, with large parts constructed elsewhere then transported directly to the site by boat.
According to co-owner Ratcliffe, this logistical advantage will allow the club to halve the normal construction time for a stadium project of this scale, from 10 years to five - provided the government's plans to regenerate the area proceed as expected..
"The first comment to make on timeline is that it depends how quickly the government get going with their regeneration programme," said Ratcliffe. "The stadium is a fundamental part of the government's plan to regenerate that area.
"I think they want to get going quite quickly, so I'm assuming that will go well and go quickly.
"The second part of the answer is that it will be a modular build. There will be an immense amount of work for the local people but the modules mean we can build a stadium much more quickly.
"There are yards in the world which specialise in building very large structures which are shipped to locations around the world. The thing that will allow us to do this is the Manchester ship canal. If we didn't have the Manchester ship canal, we wouldn't be able to do it.
"So that halves the time. Normally, if you were building a 100,000-seater stadium from the ground up, in an area that needs to be regenerated, it's a 10-year project. But if we get going with the government then I think it's a five-year project, not a 10-year project."
Man Utd Supporters Trust 'anxious' about consequences of building new stadium
Manchester United Supporters Trust has raised concerns about what the building of a new stadium might mean for fans.
A MUST spokesperson said: "The announcement of plans to build a brand new stadium adjacent to Old Trafford is clearly very big news for United fans.
"Everyone wants the biggest and the best for our club and the visuals look both stunning and exciting.
"But, against the backdrop of uncertainty around next year's ticket prices, continuing poor performance on the field, speculation around sales of key young players, and the recent financial results, the news probably does beg more questions than it gives clear answers.
"As our own and the club's consultations have shown, the answer to whether United fans want to refurbish Old Trafford or build a new ground depends entirely on what the consequences of the decision are.
"So, now that decision has been made, fans will need to be consulted all along the way on the key features that impact match-going fans' experience and atmosphere.
"Whilst investment is much needed and welcome, fans remain anxious about what it means and what the consequences will be.
"Will it drive up ticket prices and force out local fans? Will it harm the atmosphere, which is consistently fans' top priority in the ground?
"Will it add to the debt burden which has held back the club for the last two decades? Will it lead to reduced investment in the playing side at a time when it is so badly needed?
"We look forward to further consultation with supporters and discussing these vital questions with the club."
'Game-changer for our club' | Berrada explains why Man Utd need a new stadium
United CEO Omar Berrada believes the stadium can be a "game-changer" for the club and the city and insists they are confident about securing funding to help finance the project.
"Very exciting. I think it could be a game-changer for our club, for the city and for the region," he told Sky Sports News.
"We think the stadium can be the catalyst and centrepiece for the wider regeneration project and we want to make sure we can build the most iconic stadium for the biggest football club in the world."
Asked how the club plan to finance the stadium build, Berrada added: "We are looking at all the options. We do see this as a very attractive investment opportunity, so we are confident we will be able to find ways to finance it.
"I've never seen a design like this one. It's really unique. It's iconic. I haven't seen anything that comes close to being as attractive or beautiful as what we have seen today."
Berrada would 'love' Amorim to lead Man Utd into new stadium
Latest from Sky Sports News' senior reporter Melissa Reddy:
Berrada has revealed the club would "love to open the new stadium with Ruben Amorim as our coach" and admitted recruitment will take centre stage as they aim to become sustainable and successful again.
He also confirmed United have "no plans" to replace sacked sporting director Dan Ashworth, with technical director Jason Wilcox and chief operating officer Colette Roche sharing the responsibilities well.
Berrada told Sky Sports News the grand vision is to ensure an elite squad turns out at the new 100,000-seater stadium, before then drilling into greater detail during a briefing.
"It's clear that our ambition is to have the best team in the world with the best and most iconic stadium in the world," he said.
"We want to have some of the best players in the world playing in front of our fans. Our fans deserve to see a team that they can be proud of, that they can connect with. And to be able to do that in an amazing venue, like the one that we've shown today."
When asked if the idea was to have Amorim still in situ for the opening of what is expected to be a five-year build, he added: "We'd love to open the new stadium with Ruben as our coach."
Berrada and Ratcliffe have now both powerfully backed Amorim on the record. They will need to find ways of empowering him in the transfer window, despite tight financial constraints.
"On the technical side, we have a coach that has a very clear identity and very clear idea of how he wants the team to play," Berrada said.
"Then we have Jason Wilcox as a technical director who works extremely closely with Ruben and they're very aligned on what we need to do in terms of recruitment. Then there are certain areas that need to be improved.
"Data analytics is one of them. And again, it's at the top of our list of the areas that we want to invest in to get better at. Because as you all know, to improve, to be really good at recruitment, you need the very good technical people that are complimented by very good data analytics insights."
Man Utd have confirmed plans to build a new 100,000-seater stadium next to Old Trafford. Sky Sports looks at some of the key questions surrounding the announcement...
Where will Man Utd's new stadium rank?
At 100,000, Manchester United's proposed new stadium will rank as the second-biggest in Europe, behind only Barcelona's Camp Nou, which is being taken up to 105,000 by restoration works.
Manchester United's new ground will be the biggest in England, overtaking Wembley Stadium, which has a capacity of 90,000.
Old Trafford's current capacity is 74,879.
The New Stretford End alone will have a capacity of 23,500, distributed over lower and upper tiers.
