Quick sum:
£117m max profit made (2007) + £5m saving on overhead = £124m pro forma profit
£124m / 23.8m passengers = £5.21 profit per pax (2007)
£87.3m profit 2012 / 17.1m pax = £5.11 profit per pax (2012)
£201m profit projected (2019) / 24.6m pax in 2019 = £8.17 profit per pax
I can't see Mr O'Leary enjoying that kind of calculation.
Added to that, the new owners will have £1 billion to raise, and pay interest on - far more capital than BAA had invested.
Getting rid of BAA out of Gatwick has shown what can be done.
BAA only ever wants to spend money in LHR and Stansted not having to contribute to the bloated BAA overhead will do very nicely on its own.
As for the €1 billion needed to be raised well Stansted has its own debts courtesy of BAA and they able to pay those.