I suppose the main tenet of my argument is to question the value (to society and to the economy of the NW) of the loco business at LPL, as it simply fragments services over a small geographic area.
The jobs supported directly and indirectly by the airport and the companies based there have a tremendous value to society and the economy of the Liverpool City Region and beyond. Your view that services should be concentrated at Manchester would benefit only Manchester even with your idea of wider ownership - the levels of GVA generated for Liverpool for the two options just don't compare.
The smaller regional airports like LPL have a role in serving niche markets, but it is wasteful to have them compete with the main regional gateway.
And that is exactly what LPL is doing. It found its niche in the lo cost market which, true as yet has not led to a profit. However the financial picture is much more complex, and as Manchester's own results demonstrate revenues associated with actual aviation activity are only a part of the whole picture. MAN has the benefit of a much more developed property portfolio and non-aviation revenue and it is only in the last couple of years that Peel (and now Vancouver Airport Services) have started to address that issue at LPL.