Old Trafford Regeneration Mayoral Development Corporation - the driving force to deliver thousands of jobs and homes in the area, catalysed by a new 100,000-seater stadium for Manchester United - is now fully constituted following Government approval.

Stakeholders, businesspeople and community members gathered at the Imperial War Museum North to mark the historic occasion.

Keynote speakers were OTR MDC Chair Lord Sebastian Coe, Group Chief Executive for GMCA, GMFRS and TFGM Caroline Simpson, Manchester United’s Chief Operating Officer, Collette Roche, and Trafford Council Leader, Cllr Tom Ross.

Cllr Liz Patel, Trafford Council’s Executive Member for Economy and Regeneration and non-executive director board member Sukhvinder Kaur-Stubbs joined speakers on a discussion panel chaired by the OTR MDC’s new Project Director, Karen Hirst.

The 370-acre regeneration area will eventually see 15,000 new homes, including affordable ones, 48,000 new jobs locally, and over 90,000 nationally.

The MDC will also support the ambitions for a new, world-class football stadium for Manchester United as part of the wider infrastructure and regeneration of the area. The developments are expected to add over £7 billion per year to the UK economy.

The OTR MDC has been set up by Trafford Council and Greater Manchester Combined Authority to enable the delivery of the regeneration at pace.

Lord Coe said: “Today is a defining moment, the beginning of a long-term commitment to transforming the Old Trafford area. We are now open for business – and there's a lot to do! Over the next few months we will share our outline masterplan and we will begin to make this vision a reality.”

Greater Manchester Mayor Andy Burnham said: “The Old Trafford Regeneration scheme represents the biggest sports-led regeneration project since London 2012 – right here in our city region. This new Mayoral Development Corporation, spearheaded by Lord Coe and Karen Hirst, will bring together the expertise and the drive to make this a success, transform this area with thousands of new homes, and bring a massive economic boost to Greater Manchester. Our Mayoral Development Corporations are a proven model of success – which is precisely why we’re backing Trafford and other areas across Greater Manchester with the powers to deliver these major regeneration projects.”

Trafford Council Leader, Cllr Tom Ross, said: “Under these plans, Old Trafford will become one of the best places in the UK to live, work and visit – every day, not just on matchdays. We will work with ambition, determination and transparency to create a neighbourhood that will benefit our existing residents and businesses as well as exciting and drawing in the wider world. This really is a once in a lifetime opportunity – it’s here and it’s begun.”

Project Director Karen Hirst said: “I am delighted to be leading this amazing project. Working in partnership with local people, and the public and private sectors, the OTR MDC will co-ordinate efforts, attract investment and keep communities at the heart of decision making.”

Secretary of State for Housing, Communities, and Local Government, Steve Reed, said: “This ambitious regeneration plan will breathe new life into Old Trafford, bringing with it thousands of much-needed new homes and creating tens of thousands of jobs. This is devolution in action: putting money in people's pockets and power in the hands of local leaders who know their communities best, benefitting local people for decades to come.”

The OTR MDC is as a key part of the Greater Manchester Strategy, in which the city region has committed to accelerating regeneration over the next 10 years, to bring great benefits to the city’s communities. Forthcoming housing development in Old Trafford has already been allocated a significant share of the newly-announced £1bn Good Growth Fund.

It will sit within the Western Gateway Mayoral Development Zone, a significant initiative in Greater Manchester aimed at fostering economic growth and innovation, across Salford into north Trafford.