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Manchester United co-owner Jim Ratcliffe will make a decision on plans to redevelop Old Trafford in mid-to-late 2024, according to Andy Burnham.

The club is currently weighing up options to either refurbish the existing Old Trafford stadium or build an entirely new one on neighbouring land that it already owns.

Club owners will make a decision 鈥渢owards the middle of the year or the later part of the year,鈥� Burnham told the BBC.

The Manchester mayor has said the plans could be the 鈥渢he biggest regeneration scheme in the country鈥�, including much wider infrastructure investments in the surrounding area.

鈥淭housands of jobs could be brought to Greater Manchester, with the stadium at the heart of it,鈥� he added.

鈥淲e have seen what has happened on the east of Manchester, with the investment that has gone in. I am looking at a balancing investment on the west of Manchester that will set this city up to be the capital of football around the world in the 21st century.

>> See also: 鈥業 love developing, contracting, designing鈥� 鈥� Gary Neville on his journey from pitch to property

>> To refurb or rebuild: what next for Old Trafford?

>> Old Trafford dilemma: how six other major stadium projects fared

鈥淧eople should just get away from the idea of public sector money, that is not the issue, it is much broader, with transport, employment and new investment into our city region. That is what is at stake here.鈥�

Burnham鈥檚 comments come after the football club announced a taskforce for redeveloping the Old Trafford area and creating a new 鈥渘ational stadium for the north鈥�.

It includes Sebastian Coe, who masterminded the bid for the London Olympics, Burnham and ex-Manchester United captain Gary Neville, along with Trafford council chief executive Sara Todd and a fans group member.

An economic impact assessment will be drawn up and the group is expected to make recommendations later this year.

Coe said: 鈥淚 have seen the potential for stadiums to become focal points for strong communities and catalysts for social and economic development.

鈥淭hat was certainly true of the venues we built in east London for the 2012 Olympics, and we are overdue a project of similar scale and ambition in the north of England.鈥�

Neville, who co-owns Hotel Football next to the ground, said the scheme could be a 鈥渃atalyst for sustainable, cohesive growth in an area of the city that has been neglected for too long鈥�.

Ratcliffe, who has taken a 27.7% share in United, said last month that his preference was to build a new stadium rather than refurbishing the existing ground, which he believed would 鈥渘ot be perfect鈥� because of the age of the building.

He has already committed 拢237m of his own money for infrastructure improvements in his recent investment in the club.

Any redevelopment of Old Trafford would cost far more and the club is expected to look for financial support, both from private funders and a public-private partnership.

Ratcliffe said it could be a major regeneration of a part of Manchester which had become 鈥渢ired and neglected鈥�, adding that it would contribute to the 鈥榣evelling up鈥� of the city following the cancellation of the northern HS2 leg.

鈥淭he north-west of England has a greater concentration of major football clubs than anywhere else in the world, yet we don鈥檛 have a stadium on the scale of Wembley, the Nou Camp or Bernab茅u,鈥� Ratcliffe said.

>> See also: HS2: Where do Manchester and the North-west go from here?

Laing O鈥橰ourke has previously carried out improvement work at the ground, which dates back to 1909, and would be an early favourite for work 鈥� provided it can reach an agreement.

Last year, O鈥橰ourke was set to carry out an expansion of Manchester City鈥檚 Etihad ground but left the scheme after failing to agree a price. Sisk will carry out the work although its appointment has not yet been formally confirmed.