A judge ruled made a ruling on the case this morning – but there could be another twist(Image: Kenny Brown | Manchester Evening News)

A court case over Andy Burnham’s office’s decision to loan £140m to one of Manchester’s biggest developers may continue.

The Competition Appeals Tribunal ruled the mayor’s office, the Greater Manchester Combined Authority (GMCA) did not ‘distort’ Manchester city centre’s property market by loaning £140m to Renaker, the firm behind the city’s tallest building, as was claimed by Aubrey Weis.

Both sides have issued statements following the judgement, with a spokesperson for Mr Weis saying they believe there are ‘strong grounds for an appeal’ — suggesting they may fight on at the Court of Appeal.

The GMCA, on the other hand, said ‘today’s judgment should be the final word on the matter’.

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In a statement, Mr Weis’ spokesperson said: “Regarding today’s ruling, leading counsel considers that there are strong grounds for an appeal, not least due to the lack of a transparent and arms length credit approval process that any commercial lender would follow.

“This would include Anti Money Laundering procedures which we understand have been rather rigorous in the case of other borrowers from the loans fund but which were not carried out in the case of Renaker.”

They added the ruling ‘raises serious questions’ over how Renaker secured a loan from the GMCA for ‘viable’ projects – for a project the developer told Manchester council was not viable enough to include 20pc affordable housing, as per its rules.

Representatives for Mr Weis, a major player in Manchester’s property market, argued in May’s court hearings the loans from the Greater Manchester Housing Investment Loans Fund (GMHILF) were priced up in a private meeting.

(Image: Manchester Evening News)

A GMCA spokesperson responded to today’s ruling by saying: “Today we won on every count, with the Tribunal Chair praising our approach, which has helped deliver 11,000 new homes across Greater Manchester, regenerating brownfield sites at no cost to the taxpayer and generating income which we’ve used for our wider work to tackle the housing crisis.

“Today’s judgment should be the final word on the matter. It definitively debunks the false idea that loans were administered corruptly or that there was a cosy relationship between GMCA officers and developers. “We’ve been clear from the start that all monies lent through the Housing Investment Loan Fund were offered at market rates and were therefore not a form of subsidy. Today’s ruling confirms this.

Amid the proceedings, the GMHILF has been extended by the government, and the GMCA spokesperson said it will ‘continue’.

The year-long case concluded on Thursday, with tribunal chair Hodge Malek KC ruling in the GMCA’s favour.

In a judgement issued on Thursday (July 24) morning, he concluded: “Underlying the application is an allegation that because of a possible cosy relationship with Mr Whitaker, the Renaker Group was being provided with loans at unduly favourable rates.

“The Tribunal is satisfied that this is clearly not the case. The 2024 Renaker Loans went through a proper process and the terms and rates considered by persons with significant experience in development loans.

“The Tribunal has carefully scrutinised all the material and submissions and is satisfied that there was no subsidy in this case.”

Renaker has been contacted for comment.