The MD of LCY is ex-Luton, not an appointee of GIF, as far as I am aware. So ownership does not necessarily mean good management.
If GIF are prepared to invest (and it would be odd if they weren't), LGW can look forward to some improvements. Whether a second proper runway would appear before 2019 (the original agreement date) is a matter of debate, but if the agreement was overturned, there would be a big hue and cry from the locals, and the eco-nutcases.