Sir Jim Ratcliffe 'faces defeat in bid to secure public funding to transform Old Trafford'... after the Man United co-owner outlined his plan to transform the 74,000-seater stadium into a 'Wembley of the North'

Sir Jim Ratcliffe is reportedly facing rejection from the Government as the Manchester United co-owner seeks public funding for the redevelopment of Old Trafford.

Ratcliffe officially became a co-owner on Tuesday after INEOS' 27.7 per cent investment in Manchester United was confirmed by the club, with the British billionaire taking over football operations as part of the deal.

Earlier this month, Mail Sport revealed Ratcliffe's £2billion plan to turn Old Trafford into a 'Wembley of the North', with the aim of producing an iconic venue to rival England's national stadium in London and its 90,000-capacity.