Manchester United has welcomed the announcement of Government support for the project to regenerate the area around Old Trafford, with chief executive Omar Berrada describing it as a “once-in-a-lifetime opportunity”.

A UK Treasury statement on Saturday evening said Chancellor Rachel Reeves was championing the Old Trafford project as “a shining example” of the Government’s plans to promote economic growth.

A world-leading new venue – either redeveloping the current stadium to increase capacity to 87,000 or build a new ground which could hold 100,000 fans – is at the heart of the regeneration project.

“The delivery of a world-class stadium can be the catalyst for major regeneration of an area of Greater Manchester which requires new investment to thrive again,” Berrada said in a statement published on the United website.

“We cannot achieve that wider aim on our own, which is why we welcome the announcement by the Chancellor and the ongoing support of the Mayor of Greater Manchester (Andy Burnham) and Trafford Council.

“If we work together, there is a once-in-a-lifetime opportunity to create a landmark project around Old Trafford that the whole region can be proud of.”

While United would take responsibility for the stadium development, support from public bodies would be needed to unlock the wider regeneration opportunity.

This would include improved transport infrastructure and housing around Old Trafford.

Burnham said: “With our devolved powers we’re mobilising the whole Greater Manchester system to lock in growth for the next decade and reap the rewards for our city-region and UK plc.

“The project around Old Trafford represents the biggest opportunity for urban regeneration this country has seen since London 2012 and is a key part of our 10-year plan to turbocharge growth across Greater Manchester.

“We look forward to working with the Government on moving freight away from the site around Old Trafford to new locations to open up capacity our rail network and unlock massive regeneration potential – delivering benefits across the whole of the North.”

The Old Trafford Regeneration Task Force – which includes Burnham, former United defender Gary Neville and World Athletics president Lord Coe among its membership – last week revealed an initial options report which included findings that showed the project can deliver an extra £7.3bn gross value added to the UK economy and more than 90,000 employment opportunities.

The two options of adding over 12,000 capacity to the existing stadium or having a bigger new build remain under consideration, with United set to decide on the preferred approach ahead of the summer.

A survey released in November found a majority of United fans favour a new stadium rather than the redevelopment of Old Trafford.

Trafford Council and Greater Manchester Combined Authority will this week discuss the benefits of establishing a Mayoral Development Corporation (MDC) to help drive the project forward.

An MDC is a statutory body which can drive the delivery of large-scale development, including mixed-use regeneration, transformational urban extensions, and new settlements.

It can take on powers to acquire and develop land and bring forward new infrastructure – laying the groundwork for ambitious regeneration projects.