The decision was announced on Tuesday morning, as visuals and scale-models of the proposed venue, by Foster + Partners, were also revealed at an event in London.
MUTV's Harry Robinson was able to speak to Sir Jim about the developments and what the news means for supporters.
Scroll down to read Ratcliffe's answers on ticket prices, retaining the atmosphere and the future of United...
Sir Jim, we’re at Foster + Partners, where the plans for a new Manchester United stadium have been announced. The following questions come from my perspective as a Manchester United fan and someone who stands in the Stretford End with my family and my mates.