Manchester United’s regeneration task force charged with exploring the redevelopment of Old Trafford has met for the first time.

Lord Coe, chair of a group that also includes Andy Burnham, Mayor of Greater Manchester, and former United captain Gary Neville, oversaw the meeting that took place on Monday.

United co-owner Sir Jim Ratcliffe is looking to build a world-class stadium by either redeveloping Old Trafford or constructing a new ground on adjacent land owned by the Premier League club.

“Yesterday, I chaired the first meeting of the Old Trafford regeneration task force to kick off a conversation about how development of a world-class football stadium for the north of England can deliver social and economic benefits for the region,” London 2012 chief Coe said on X.

“At the London 2012 Olympics, I saw first-hand how sport can be a powerful driver of urban regeneration and I am excited to be part of this project.

“This meeting marked the start of a multi-stakeholder process to explore options for the stadium and surrounding area. We are at the start of this journey, and it is too soon to know where it will lead.

“But we will consult closely with fans and local residents along the way, and keep everyone informed of progress.”

Ratcliffe has described the plans to build a new ground and regenerate the Old Trafford area as a “once-in-a-century opportunity”.

With redevelopment of the existing site costing in the region of £1billion and building a new stadium altogether requiring a £2billion outlay, the task force will also examine options for financing the project.