Sir Jim Ratcliffe and his Manchester United boardroom cohorts could hardly be accused of taking the conservative approach with their plans for the club’s new stadium.

United’s key decision makers unveiled their astonishing blueprints and designs for the regeneration of Old Trafford on Tuesday, including a new 100,000-seater stadium that would instantly become the biggest in the United Kingdom.

Given United’s perilous financial position – Ratcliffe claimed on Monday that United would run out of cash by Christmas had he not intervened with a series of controversial cost-cutting measure – today’s announcement has been met with a healthy measure of cynicism.

Here Metro attempts to answer some of the key questions fans have been asking, including what will happen to Old Trafford, how much it will cost and how long it will take to build…

Will Man Utd have to leave Old Trafford while their new stadium is built?

Tottenham were forced to play at a temporary home in Wembley following the demolition of White Hart Lane and the construction of a new arena at a cost of over £1bn.

In contrast, one of the reasons United have chosen to build a new stadium is that there are no plans to play games at another venue.

The new stadium will be on the same site, but not the same footprint and as a result United would continue to play at Old Trafford until the new stadium is ready.

What’s the cost and how will Man Utd pay for their new stadium?

The new stadium certainly won’t come cheap, with initial estimates suggesting the Old Trafford upgrade will cost £2billion.

‘I’ve been a lifelong fan of Manchester United, everywhere I go around the world, I meet Manchester United fans,’ said Ratcliffe and today’s press conference. ‘In my view it is the world’s favourite, the world’s best club, it deserves to have the finest stadium in the world.

‘Historically, it is the most significant in the world. It needs to be under-pinned by the world’s most iconic sport stadium.’

Should the project go to plan, it looks as though the INEO chief will deliver on that promise but he was coy on where the money to fund the project would come from.

United are currently in debt and have recently taken some eyebrow raising decisions to reduce their outgoings, including refusing to supply free meals to long-serving members of staff.

‘It’s still quite early and I can’t speculate too much on the funding as a PLC. But it’s a very attractive investment opportunity,’ said United chief executive Omar Berrada.

The new stadium will form part of a wider regeneration of the Old Trafford area which chancellor Rachel Reeves has already given Government backing to.

United say the entire project has the potential to create 92,000 new jobs, bring an additional 1.8 million visitors to the area annually and will be worth an additional £7.3bn per year to the UK economy.

‘The financing is not the issue, I think it’s eminently financeable,’ Ratcliffe told the BBC in an interview on Monday. ‘But the detail of that we’d rather talk about in the future. It will be financeable, I think.’

How long will Man Utd’s new stadium take to build?

Of all the bullish claims made by United over the last 24 hours, the suggestion that the stadium will take just five years to construct is, perhaps, the most outlandish.

A start date for the work has not been confirmed yet, but architect Norman Foster said that once work is under way it could be assembled ‘Meccano-like’ out of 160 components, some brought in via the Manchester Ship Canal network.

‘And then we rebuild the Old Trafford station and that becomes the pivot,’ the world famous architect added.

‘The processional way to the stadium, welcoming at the heart of a new sport-led neighbourhood.’

Do Man Utd fans have any big concerns?

The fact these exciting plans have been announced amid a backdrop of uncertainty and dire performances on the pitch has not been lost on many fans.

Sunday’s game against Arsenal was preceded by a huge protest with fans dressing in black, rallying against the Glazer family and Ratcliffe’s INEOS group.

The Manchester United Supporters Trust were quick to issue a statement in light of the designs for the arena which read:  ‘The announcement of plans to build a brand new stadium adjacent to Old Trafford is clearly very big news for United fans.

‘Everyone wants the biggest and the best for our club and the visuals look both stunning and exciting.

‘But, against the backdrop of uncertainty around next year’s ticket prices, continuing poor performance on the field, speculation around sales of key young players, and the recent financial results, the news probably does beg more questions than it gives clear answers.

‘As our own and the club’s consultations have shown, the answer to whether United fans want to refurbish Old Trafford or build a new ground depends entirely on what the consequences of the decision are.

‘So, now that decision has been made, fans will need to be consulted all along the way on the key features that impact match-going fans’ experience and atmosphere.

‘Whilst investment is much needed and welcome, fans remain anxious about what it means and what the consequences will be.

‘Will it drive up ticket prices and force out local fans? Will it harm the atmosphere, which is consistently fans’ top priority in the ground?

‘Will it add to the debt burden which has held back the club for the last two decades? Will it lead to reduced investment in the playing side at a time when it is so badly needed?

‘We look forward to further consultation with supporters and discussing these vital questions with the club.’