Manchester City owner’s £55m housing loan while Burnham was mayor investigated
Summary
A £55 million loan given to companies controlled by Manchester City's owner, Sheikh Mansour, is being investigated. The loan was part of a housing fund managed by Greater Manchester's combined authority while Andy Burnham was mayor. Officials want to understand why such a wealthy owner received public money and how the loan process worked.Key Facts
- Manchester City’s owner, Sheikh Mansour, received a £55 million loan through a Greater Manchester housing fund.
- The loan was for a housing project called Manchester Life, which planned to build 6,000 homes.
- The loan fund has lent a total of £1 billion to about 50 developers since 2015.
- The loan has been fully repaid, but details like the interest rate have not been shared publicly.
- Andy Burnham, then mayor, had meetings with Manchester City’s owners before the loan was approved.
- Some of Burnham’s meetings with the owners were not initially recorded in public documents.
- Councillors say the loan approval process was not clear and want better transparency.
- The Greater Manchester combined authority says the fund has helped build 11,000 homes and creates development without costing taxpayers.
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