I don't know which pubs you drink in but I definitely want a pint of whatever your informant was drinking.
Local Councils are stupid by definition but they are not that stupid and looking at how Peel have developed the airport they are not that clever to insert a clause like this into their contract.Bearing in mind that it is only in the last financial year that they have fallen into serious trouble it still gives 6 years on your informant's information for operating losses to be run up.
There are two chances of this clause existing.....fat and no.!