Does the borough council/LLAO and AENA have a say in the new 49% owner, or is it simply the highest bidder that buys Ardians share?
Don't think they do.
One point to note is that all the loans taken out by LLAL, which is the actual owner of the airport and is 100% owned by the council are due to be paid in 2028 and 2031. These dates are significant as 2028 was the original date that the existing franchise ended and 2031 was the revised date. While the expansion to 18 million is being funded by Aena and its partner the £225 million rail link is being funded by LLAL plus another £49 million borrowed for other completed projects by LLAL.
The new franchise deal, when taken out in 2031, will pay off these loans with up front payments so costing the council and LLAL nothing as the interest payments to the council by LLAL are higher than the borrowing costs for the council.