Manchester City Council said: “Backing the airport will enable it to weather the current storm.” It will invest about GBP 143 million, while nine other councils will each give GBP 13 million. Manchester City Council has had a 35.5% share in the ownership MAG since 1986. Investment fund IFM has an equal share and the remaining 29% is owned equally by the nine other Greater Manchester councils. “Manchester Airport is critically important to the future success of the city,” said Richard Leese, leader of the city council. He said that failure to support MAG would cost the council “much more in the longer term”.
“Backing the airport will enable it to weather the current storm and come out stronger in the years ahead,” he said. About 70% of the company’s 7,000-strong workforce has been placed on the UK Governments furlough scheme and no redundancies have been made.