Helen,
complete nonsense
.
Pre MAG, the joint owners could easily have afforded to make any investment required, they were offered a car salesman's deal and didn't spot the implications.
It is well established that at the same time, MAG were seeking Mr Prescott's approval for runway 2 at MAN and, by complete coincidence, MAG made an offer to the four owners of HUY to buy the airport for a nominal fee in return for around 89% of the shares.
Shortly afterwards, MAG got approval at MAN for runway 2.
MAG took on the massive debt at HUY, most of which still exists today, in return for that shareholding and NE Linc's council remain the other shareholder.
Pre MAG, HUY was not developing pax wise, it was halfway between static and stagnent with the airport management offering ludicrous deals to airlines to come and have a go at hopeless schedule destinations which proved beyond doubt to be utterly worthless.
Post MAG, the charter figures did OK on the IT flights, but not suprisingly and despite having three years notice of Robin Hood opening, HUY management did nothing to make terms more attractive to operators and HUY is going down the plughole very fast.
Overall, MAG have done very well out of HUY, they've got rwy 2 at MAN which is worth far more than the small amount they've spent at HUY and now they'll be able to walk away, perhaps not making a profit, but in real terms, they've not made a bad decision.