Key facts
- A £55 million loan to Manchester City's owner is under investigation.
- The loan was part of a fund for housing projects during Andy Burnham's time as mayor.
- The fund has provided £1 billion to 50 developers since 2015.
- The loans were made to companies controlled by Sheikh Mansour bin Zayed al-Nahyan.
- The loans were for the Manchester Life housing development, aiming for 6,000 homes.
- GMCA stated the loans have been repaid and the fund is open to all developers.
An investigation will be launched into a £55 million loan provided to companies ultimately controlled by Manchester City owner Sheikh Mansour bin Zayed al-Nahyan. The loan was part of a fund operated by the Greater Manchester combined authority (GMCA) during the tenure of former mayor Andy Burnham. The review will examine the approval process for loans made to property companies, including those linked to the Manchester Life housing development, which aimed to create 6,000 homes. Councillors have criticized the fund's approval process as opaque in the past. GMCA stated that the loans have been repaid in full and that the fund is open to all developers, having contributed to the construction of 11,000 new homes.