Peel excluded more than just portions of land in the Vancouver deal, they stole the entire South side of the airfield. People talk about the conspiracy theory as if it's still ongoing and it's not. Peel got exactly what they wanted and have no further interests in any of the three airports as far as the running of them goes. It's more or less entirely in Vancouvers hands now.
I've seen for myself that the present management / owners are doing all they can to turn the place around but the damage caused by their predecessors may turn out to be irreparable.