There is now uncertainty over when the venue will open, with Keane and Take That set to perform there in the coming days.
The arena, which is set to be the UK’s largest indoor arena with space for 23,500 people, was due to be opened by comedian Peter Kay last week.
His shows have been postponed twice, along with a concert by US rock band The Black Keys.
The Co-operative Group, which sponsors the venue, said it was “shocked” by the developments and was “seeking a full explanation from Oak View Group”.
Co-op Live has been built by the company next to Manchester City’s Etihad stadium.
It is a joint venture between Oak View Group, co-founded by US music mogul Irving Azoff, and City Football Group, owned by billionaire UAE royal and deputy prime minister Sheikh Mansour.
Singer Harry Styles is among the other investors.
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