Those of a nervous disposition should not read the EY external audit position statement, which starts on page 15, as it makes for grim reading.
The Council have commissioned an independent specialist review into options and alternatives to the Council’s ownership of Luton Airport.
To inform the review of ownership options, we understand the Council has requested up-to-date information on the current market valuation of the Airport. This is vital to enable decision makers to make an informed choice
This is what happens when amateur councillor airport directors acting for a greedy Council don’t know what they are doing and nod once too often without asking questions, as they were told the Council can do a better job than the professionals. LLAOL was meant to pay for investments not the airport owner, now the Council is facing another £156m airport bill on a good day and over £200m on a bad day.
If that is not bad enough EY is questioning whether LLAL will be able to afford to pay the Council £22m in annual interest payments and that work on the DCO now exceeds £50m, which is now having to be rewritten.
https://democracy.luton.gov.uk/cmis5...ctNJFf55vVA%3d