THE long-awaited rebirth of Govan could be sparked by Rangers' chairman Sir David Murray's plans to rebuild Ibrox Stadium.

Business leaders believe the proposals for a new Ibrox costing around £280million could be worth £700m to the area as the ripple effect spreads outwards from the stadium.

The rebuilding of the stadium itself would create new jobs as would new homes promised by the GHA, shops and even a leisure village'.

Tourism bosses today insisted the ambitious proposals were realistic and could provide an important additional facility for the city's booming conference sector.

Scott Taylor, chief executive of Glasgow City Marketing Bureau, said: "Rangers are an ambitious club with a major international profile and the proposals reflect that.

"Ibrox has excellent motorway links and any new conference centre would be well placed to exploit the potential business.

"The figures being talked about reflect the confidence in the city and are realistic."

The Rangers board has been working on the proposals for six months since plans to create a £120million Las Vegas-style casino resort at Ibrox fell through.

US billionaire Sheldon G. Adelson, who owns the Venetian Resort in Las Vegas, had agreed to build a casino outside the stadium but the deal collapsed after Manchester was granted the first licence for a regional supercasino.

The casino plans included proposals for a five-star, 140-room hotel, restaurants, a health club and sports bar, shops, 279 apartments, a full-size sports pitch and children's play area.

While the casino plan can't be revived, the vision could still become reality if investors were attracted by Sir David's plans.

Under the proposals, rundown homes on the Hinshelwood Estate would be demolished to make way for luxury flats, a hotel, a shopping complex and a conference centre.

At the heart of the Ibrox boss's ambition is the expansion of the club's seating capacity.

The move would see Ibrox razed and replaced with a 70,000 seater arena, making it the biggest club stadium in the UK after Manchester United's Old Trafford.

The new stadium would retain the Bill Struth Stand's iconic red brick facade and boast a "floating" removable pitch and retractable roof, similar to the Sapporo Dome in Japan. With a roof and a removable pitch, Ibrox could host major concert, conferences and indoor events.

However, there are difficulties because not all the ground around the stadium is owned by Rangers and there would be questions over where the pitch would be moved to and the consequent impact.

The obvious move is to an adjacent car park but the car park on the west side of the stadium and the Edmiston Club, on the east side of the ground, are not owned by Rangers.

That land is owned by companies linked to Sir David, while the club retains land at the back of the Govan Stand.

The club stress the plans are at an early stage and two other options, including one increasing the capacity from 51,900 to 57,000, are being examined.

A club spokeswoman said: "We are analysing a variety of proposals along with development of the existing outline planning for Hinshelwood.

"There are three strategies, one of which includes the total rebuilding of Ibrox Stadium with the retention of the brick facade.

"The club stresses that at this time it is assessing these proposals and no decisions will be reach imminently."

Sir David's plans for Ibrox fit into the city council's wider plans for the regeneration of the area and were welcomed by council leader Steven Purcell.

He said: "The Ibrox area is one we are keen to see redeveloped and we welcome these ambitious plans. We have had early discussions with Rangers Football Club about working with them on these proposals and look forward to seeing the project progress."

Stephen Smith, of the Rangers Supporters Trust, hoped the development plans would go ahead quickly.

He said: "The chance to develop the land around the stadium won't be there for ever and the club needs to act now.

"At the moment, Ibrox is an area where fans come to the football and leave straight afterwards. We realise the club doesn't own a great deal of land.

"We would need to see the sums and know exactly where the money was coming from.

"The club must still retain ownership of the stadium, it cannot be leased or owned by a third party.

"The red brick facade is a monument to the 66 people who died in the Ibrox disaster in 1971 and must be kept.

Selling off the name to a sponsor is also a line in the sand for the support. I don't think many fans would back that, regardless of the figures."

It would take around two years to redevelop the stadium and Rangers are likely to approach the SFA for permission to play home games at Hampden if the move goes ahead.

David Fletcher, Glasgow Housing Association's head of regeneration said: "We look forward to early discussions with all the parties involved.

"We would anticipate any development immediately surrounding the stadium would be done in the context of a wider East Govan and Ibrox regeneration project."