The billionaire businessman’s 25 per cent takeover of Manchester United was announced last month on Christmas Eve.

Sir Jim Ratcliffe has unveiled his plans for Old TraffordCredit: PA

The new shareholder wants to renovate the stadium and redevelop the area around it Credit: EPA

He purchased a £1.3billion stake in the Red Devils from the Glazer family despite initially wanting to become the majority owner.

Ratcliffe is set to inject £237million into the club, with significant changes already being made.

And one of his priorities is understood to be the renovation of Old Trafford.

During a meeting with Man Utd fan representatives last week, Ratcliffe announced that he intends to maximise the space around the stadium.

The new minority owner believes there is untapped potential in the land surrounding Old Trafford.

He is also confident that by developing improved links with local authorities and civic leaders, the regeneration and redevelopment of the ground could be completed quicker than initially expected.

After holding discussions with United staff, Ratcliffe is reported to have convened a group including Mayor of Manchester Andy Burnham and senior executives from Trafford Council and Greater Manchester Combined Authority as he looks to gain planning permission.

Man Utd fans have expressed concern about the state of Old Trafford in recent years.

The roof of the stadium has been damaged, leading to it leaking on more than one occasion.

One fan even captured photographs of the ceiling appearing to crumble during a derby game.

United legend Gary Neville has criticised the infrastructure, telling the Diary of a CEO podcast: “I used to laugh when I went to Anfield and compared it to Old Trafford. I’d always think: ‘They can never catch up, they’re too far behind’.

“They’re building that second stand now behind the goal where the away fans sit. The main stand now is towering up. Anfield will be a more modern ground than Manchester United and Old Trafford in 12 months. That is unforgivable.”