A proposed regeneration of the area around Manchester United’s Old Trafford stadium could generate £7.3 billion ($9.7 billion) annually to the British economy, according to an economic feasibility study commissioned by the club.

However, mayor of Greater Manchester Andy Burnham said on Monday no public money would go towards the project.

United are considering whether to pursue a £2 billion plan for a brand new 100,000-seater stadium or redevelop the existing 74,000 capacity Old Trafford.

Burnham has backed the ambitions to redevelop the stadium alongside a “mixed use” neighbourhood featuring apartment blocks, shopping centres and new public transport stations.

Global advisory firm Oxford Economics revealed the regeneration project could deliver 92,000 new jobs, more than 17,000 new homes and an extra 1.8million visitors per year to the area.

“This could be the biggest regeneration scheme I’ve ever seen in this country,” said Burnham.

“We hope it’s the best football stadium in the world, which brings benefits to residents around it.”

The project is being spearheaded by United co-owner, British billionaire Jim Ratcliffe, who bought a minority stake in the club earlier this year.

Although Ratcliffe initially hinted he could pursue government assistance in order to fund a “Wembley of the north”, that appears now to have been ruled out.

Last week United appointed globally renowned architects Foster Partners to work on the plans.

Fans are being asked for their views on the redevelopment, with former United captain Gary Neville, part of an Old Trafford Regeneration Task Force, urging supporters to take part.