New Manchester United co-owner Jim Ratcliffe has laid out his vision for knocking Manchester City and Liverpool "off their perch".

Ratcliffe, 71, is officially co-owner of the Red Devils after completing his purchase of a 27.7% stake in the club, with control of football operations now in the hands of his company INEOS.

And the British billionaire — who confirmed he is a lifelong fan — is confident of restoring Man Utd as a major force in England but urged the need for patience in doing so.

He told BBC Sport: "In the North West we have two neighbours who are really impressive football clubs. I want to knock them all off their perch. 

"We are friends in the sense we're all in the North West but they are our biggest enemies. They are clearly our biggest competitors in the UK.

"[We are] a long way behind. It's not going to change tomorrow. People unfortunately need to give us time to get back. 

"It will be two to three seasons. Patience is needed. Spending money lavishly in the summer is not the solution, it is much more complicated than that."

Part of Ratcliffe's ambitious plan for the 13-time Premier League winners could involve moving away from Old Trafford — their home since 1910.

Their new chief suggested a new stadium — which can become a sporting hub for the Northern region — might be a better route to go down rather than refurbishing the Theatre of Dreams.

He added: "The people in the North pay their taxes like the people in the South pay their taxes.

"All of this talk about levelling up and the Northern Powerhouse… where is the stadium in the North? 

"How many Champions Leagues has the North West won and how many Champions Leagues has London won? 

"The North West has won 10 — Liverpool have won more than us — and London has won two.

"Where do you have to go if you get to the semi-final of the FA Cup and you're a Northern club? You have to schlep down to London, don't you? 

"You could think about a more ambitious project in the North which would be fitting for England, for the Champions League final or the FA Cup final. 

"And [it would] act as a catalyst to regenerate Southern Manchester, which has got quite significant history in the UK."