The project was highlighted as part of a new 10-year strategy to drive economic growth and social improvement across the city region.
Mayor Andy Burnham hailed the Old Trafford Regeneration project as the UK’s biggest sports-led scheme since the London 2012 Olympics, creating a new leisure and business destination and 15,000 new homes around a new 100,000-seat football stadium.
He confirmed Lord Sebastian Coe, who led delivery of the 2012 Olympics, as Chair-designate of a new Mayoral Development Corporation set up to drive forward the Old Trafford scheme.
There was also an initial commitment of £26m for 382 new homes as part of the Trafford Wharf development – the first major investment in the Old Trafford Regeneration area.