Hmmm, a few points still remain :
1. It is still a regulated airport, with a regulatory regime that basically offers a return on asset value.
2. That means returns will only increase if you push through more pax, (revenue), using the same assets and controlled or lower costs.
3. If you want to attract more pax, then you need the right investment in assets but.....
4. because Gatwick has a broad range of carriers, there is always a struggle to agree the investment plan priorities. Easy and Ryanair want to pay next to nothing, ( but have the growing market ), whilst at the other end larger carriers want better facilities but don't command pax nos, and the charter boys who have been there forever, don't really know what they want. This is at odds with Stansted and Heathrow where there is basically conflict on the amount spent, as opposed to major conflicting carrier requirements.
5. Hopefully the GIP guys have done their homework, because if they are to investment big time, they will have to expect lower returns in the short term and expect their money to come back sometime in the future.
Now, as regards the management, the "old hand of BAA" actually left this lot some time ago. Have a look at the profiles and you'll be hard pressed to find someone who has an aviation background or knows an Airbus from a Jumbo. So have things changed for the better in the last 5 years ?