Greater Manchester investigates £55m loan to Manchester City owner

Councillors in Greater Manchester have announced an investigation into £55m in loans made to property companies during Andy Burnham’s tenure as mayor. The funds were provided in 2017 through a fund operated by the Greater Manchester Combined Authority (GMCA) to support Manchester Life, a housing development project intended to create 6,000 homes.

The loans were made to three companies ultimately controlled by Sheikh Mansour bin Zayed al-Nahyan, the owner of Manchester City and the Vice-President and Deputy Prime Minister of the United Arab Emirates. While the GMCA stated that the loans have been repaid in full, the authority has not disclosed the interest rates applied or the reasons for the owner's eligibility for the funding.

The investigation follows scrutiny regarding Burnham’s relationship with the club’s owners, particularly after Manchester City was found to have breached financial rules by boosting income by £900m over nine years. Concerns have also been raised after it emerged that Burnham met with the club's owners at the Etihad Stadium shortly before the loans were approved, a meeting that was reportedly missing from public records before being identified.