Manchester Airport Group, which owns Manchester Airport (MAN/EGCC) has secured a funding package worth £250m from local councils surrounding the northern airport.
The group is part-owned by Manchester City Council will be giving the group £143m while 9 other local councils will £13m per authority.
The money will be used to help Manchester Airport get through the current global crisis caused by the Coronavirus Pandemic.
Around 70% of staff at Manchester Airport are currently furloughed.
Leader of Manchester City Council, Sir Richard Leese, said: “Manchester Airport is critically important to the future success of the city.
“It is both an international gateway for trade and travel and somewhere which creates and supports tens of thousands of jobs.
“Backing the airport will enable it to weather the current storm and come out stronger in the years ahead.”
Manchester Airports Group also owns London Stansted (STN/EGSS) and East Midlands (EMA/EGNX).
The funding has the support of Greater Manchester Mayor, Andy Burnham.