Manchester United’s proposed regeneration of Trafford Park could boost the UK economy by up to £7.3billion, according to global advisory firm Oxford Economics.

United unveiled further details about the project, which is centred on a new 100,000-capacity stadium, at the Labour Party Conference in Liverpool on Monday.

Oxford Economics, who were commissioned by the club to investigate the economic feasibility of the project, outlined what they believe will be its enormous impact.

The firm found the project, which is being spearheaded by billionaire Ineos chief Sir Jim Ratcliffe, could also deliver 92,000 new jobs, more than 17,000 new homes and an extra 1.8million visitors per year.

Since buying a minority stake in the club in February, which effectively put him in charge at Old Trafford, Ratcliffe has spoken of his desire to create a “Wembley of the North” upon the footprint of the club’s existing home.

Although Ratcliffe initially hinted he could pursue government assistance in order to fund the project, the prospect of using public money appeared to be ruled out by Greater Manchester Mayor Andy Burnham.

Burnham told ITV: “It could be the catalyst for growth across the North West.

“This scheme could also bring benefits to the Liverpool City Region. They have plans for a major strategic rail interchange just off the M6 in St Helens. If we relocate the freight behind the current Old Trafford, that will help that scheme go forward.”