Sources close to Sir Jim have revealed that the chairman and chief executive officer of the INEOS chemicals group, which he founded, Ratcliffe has ruled out a £1.5billion new home.

As part of his overhaul of the club, he will consider alternative plans to renovate and expand Old Trafford and improve facilities in and around the famous old ground.

Old Trafford was one of England’s most iconic stadiums but the roof has been leaking for years. 

Manchester United’s famous Old Trafford ground has slowly fallen in disrepute, and the roof have been leaking for years

Sir Jim Ratcliffe has revealed he will not be funding a new stadium, but will instead pledge £245m towards the club’s infrastructure

Its facilities are also outdated compared to Tottenham’s new home and Manchester City’s stadium.

Ratcliffe is set to pledge £245million to improve infrastructure at the club.

Despite the shortcomings at Old Trafford, Mail Sport has learned that the bulk of that cash is earmarked for a new training centre rather than for the stadium.

It is estimated that between £150m and £200m has been earmarked to modernise the Carrington training ground.

Old Trafford remains a historic stadium, but is nothing when compared to grounds like Tottenham Hotspur’s