The decision as to which airport to be sold should be made on a strategic (long-term) basis at BAA Board level, with approval from the Spanish main board. It won't be made by anyone in GLA or EDI.
Long-term considerations may include:
- which has best return on capital projected over an extended period
- which has best growth opportunities (in terms of ROCE, capital requirements and strategic value analysis)
- which offers the best sale option in terms of value received against capital invested.
Unlikely considerations may include:
- which managers are based at which airports
- how many passengers each serves
- how well each has performed in the recent past
- how good the bacon sandwiches are