MAG is a professional organisation, they have invested in their asset - BOH, they'll get their money back either when they sell the asset (the airport), or through revenue earned from it. Its not much different than deciding to spend money on your house.
The entire global aviation market has slowed down. UK airports with a leisure focus have been hit hard north and south. Forget winter 2009, the decisions are made. It's next year and the new budget for the airport operator that deserves focus.
Business travel is coming back (LHR is growing) and SOU has stabilised. Look for a strong summer at BOH in 2010. Any airline looking for profitable growth will come along if they think there is a market.
Both TOM and RYR seem happy enough,even Palmair will keep plodding along.
Good chance of a 2nd RYR aircraft from May is my guess. EZY remain a dark horse too.
FF