World-renowned Olympian and businessman Lord Sebastian Coe has spoken of the ‘once in a lifetime’ regeneration of the area surrounding Manchester United’s Old Trafford Stadium as he was appointed to spearhead the project. The project, one of the biggest sports-led regeneration schemes that the UK has ever seen, is set to create thousands of jobs and homes and provide a multi-billion-pound economic boost to the region. Lord Coe, who won four Olympic medals and headed the successful bid and delivery for the London 2012 Olympic and Paralympic Games, has been named by Greater Manchester mayor, Andy Burnham , as chair designate of the proposed Mayoral Development Corporation (MDC) which will help drive forward the Old Trafford regeneration project. Speaking by video at the launch of the Greater Manchester Strategy (GMS), Lord Coe, said: “I’m delighted that I’ve been asked to be the chair designate of the proposed Old Trafford Mayoral Development Corporation. Never miss a story with the MEN's daily Catch Up newsletter - get it in your inbox by signing up here “Throughout my career, I’ve seen the difference that sports-led regeneration can make in fostering strong communities and acting as a catalyst for economic growth. That was certainly true of the London 2012 Olympics and Paralympics – and now, I believe, Greater Manchester’s moment has come. “Working with Trafford council and the mayor, there’s huge potential to bring new homes and jobs to the area around the Manchester United stadium. And looking ahead, I see a chance to bring the FIFA Women’s World Cup to a new Old Trafford Stadium in 2035. “The home nations are the sole bidder, which presents a rare opportunity to bid to host the global football family.” Lord Coe continued: “But this is about so much more than just a stadium. It’s about listening to and working with residents to create a vibrant, inclusive district, with high-quality housing, green spaces, world-class leisure and education facilities, and improved transport links. “Twenty years on from securing the Olympic and Paralympic Games for this country, I’m ready to help deliver a vision of equal scale and ambition. I can’t wait to get started.” The regeneration proposals could create around 48,000 new jobs in the borough and add £4.2bn to the local economy. They include the building of a new Manchester United stadium. Town hall bosses say sectors of the economy will benefit, with the potential for around 15,000 new homes once the wider regeneration has been completed. Join the Manchester Evening News WhatsApp group HER E Join our Family WhatsApp group HERE The Old Trafford Regeneration Mayoral Development Corporation is being launched by Greater Manchester mayor, in partnership with Trafford council, to drive forward development in the area with public and private sector partners. Consultation on setting up the MDC will get underway soon with residents and businesses, who will be called upon to share their ideas. Trafford council leader Coun Tom Ross said: “This is a once-in-a-lifetime opportunity to transform Old Trafford and the surrounding area, creating tens of thousands of new jobs and much-needed new homes. “I am delighted that Lord Coe has been selected to be chair designate of the Mayoral Development Corporation. His achievements in heading the successful bid and delivery of the London 2012 Olympic and Paralympic Games combined with his extensive business experience will be of major importance to the project.” “The council looks forward to working together with Lord Coe, the mayor, Manchester United and local residents to deliver our collective ambitions for the area.” Omar Berrada, chief executive of Manchester United, said: “This is an exciting decade for the region, and we warmly welcome the inclusion of the Old Trafford Regeneration project at the heart of the Greater Manchester Strategy. “We are also delighted by the appointment of Lord Coe as chair designate of the Mayoral Development Corporation; the continuity it brings for the wider project will be a huge positive. In addition, Lord Coe’s proven leadership and track record in delivering transformational projects will be invaluable as we work together to turn our collective vision into reality. “In March, we announced our ambition for the new stadium and since then we have been progressing these plans. Today’s announcement is a significant step forward in our shared vision for the revival of this area of the city that requires investment to thrive again.” Mr Burnham said: “We have an opportunity to deliver the biggest sports-led regeneration scheme since London 2012, right here in Greater Manchester – and with Seb Coe at the helm, we will have the team to make a resounding success of it. “Seb knows what it takes to deliver game-changing urban regeneration, and his backing for this project – and its potential – speaks volumes. “Our focus is squarely on delivering the new homes, jobs, and growth that will benefit everyone and every place across our city region. By transforming the area around Old Trafford we can unlock major investment and bring a massive boost to the local economy for years to come.” Sign up to the MEN Court newsletter here