Inquiry launched into £55m loan to Manchester City owner

Summarised from 2 outlets · Updated 18 Oct, 16:07 · Archive

A scrutiny committee will investigate a £55m loan made to Manchester City's Abu Dhabi owner while Andy Burnham was mayor.

Greater Manchester's scrutiny committee is investigating a £55m loan made to companies controlled by Manchester City owner Sheikh Mansour bin Zayed al-Nahyan in 2017, when Andy Burnham was mayor of the authority. The funds were part of a housing development project called Manchester Life, which promised to create 6,000 homes. The Greater Manchester Combined Authority says the loans have been repaid in full but has not disclosed the interest rate or explained why Sheikh Mansour, a member of the UAE royal family and one of the world's wealthiest people, would have been eligible.

The inquiry comes after Manchester City was found guilty of breaching financial rules by boosting its income by £900m over nine years. Andy Burnham has faced criticism after saying the club owners had been 'such a huge partner in the building of modern Manchester' following the ruling. It also emerged that Burnham had met City's owners at least six times while mayor, despite previously claiming he had had just one 'significant' meeting with them.

The Daily Mail reports that a Manchester-based property developer has called on Housing Secretary Angela Rayner to investigate the loans, questioning why so much money was lent with no requirement to build affordable homes and claiming that 'no due diligence' was carried out. The Prime Minister has promised 'full transparency' regarding his dealings with the football club's owners.

How it is being reported

• Manchester City owner’s £55m housing loan while Burnham was mayor investigatedScrutiny committee looks into financing of Manchester Life project as PM promises ‘full transparency’ A £55m loan to Manchester City’s Abu Dhabi owner will be investigated as part of a review into a fund for housing projects while Andy Burnham was mayor. The prime minister has faced weeks of scrutiny over his links to Manchester City’s super-rich owners after the club was found guilty of boosting its income by £900m in a nine-year breach of financial rules. Continue reading...The Guardian · 18 Oct, 15:41
• Angela Rayner 'is dodging probe into Andy Burnham's £55m homes loans to Man City owner'The MoS can reveal that a Manchester-based property developer has called on the Housing Secretary to investigate £55 million of housing project loans made to the Abu Dhabi United Group.Daily Mail · 18 Oct, 00:07

In this story: Andy Burnham · Sheikh Mansour bin Zayed al-Nahyan · Manchester City · Greater Manchester Combined Authority · United Arab Emirates

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