MANCHESTER UNITED are reportedly looking closely at how Real Madrid and Barcelona renovated their stadiums as it could prove too expensive to build a new one.

One of Sir Jim Ratcliffe's key ambitions is to build a 'Wembley of the North' that would see United's stadium rival the best in Europe.

But building a new stadium could cost as much as £2billion and without government assistance it will prove difficult to finance such an operation.

That is according to The Times, who report consultants led by Populous and Legends International have tallied up the potential costs after conducting feasibility studies.

Building a new stadium remains an option despite the price, but redeveloping Old Trafford could be as much as £1bn cheaper.

However a 'Wembley of the North' that includes United owned shops, bars and cafes - as Ratcliffe envisions - would generate more revenue in the long-term.

While it would also avoid the loss of earnings associated with having to leave the current ground while redevelopment work takes place.

Ratcliffe has also been inspired by the work done by Real Madrid and Barcelona, who are currently renovating the Nou Camp at a cost of £1.3bn.

Real Madrid's new-look Bernabeu cost upwards of £1.5bn but now boasts 5,000 extra seats, a retractable roof and a 450-space car park underneath.

The state of the art arena looks spectacular and Ratcliffe wants United to rival it, whether that means building a new stadium or not.

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He said last month: “Manchester United needs to have a stadium that is befitting the club and the brand.

“If you look at what Real Madrid are doing with the Bernabéu and Barcelona with the Nou Camp, the Bernabéu is fabulous. It’s like a cauldron of noise. The Nou Camp is enormous and they are spending a lot of money revamping it.

“You look at the Premier League, we don’t have anything that compares. And yet the Premier League is several times bigger than the Spanish league in terms of size, scale and importance today.

“That’s where all the money is with TV. The Premier League needs to have some grounds which are the equal of our European competitors.”