Andy S, you may be interested in the article below.
Manchester Airport buys Stansted - but what does it mean for you? We find out | Manchester Evening News - menmedia.co.uk
Can anyone tell me why a group of local authorities in North West England have ambitions to run a portfolio of airports throughout the country
The ten authorities are mere shareholders, MAG look after the assets on behalf of them However, they will have voted in favour of this move in order for it to go through. Also, Manchester City Council no longer own a controlling stake in MAG, as IFM bought 35% of MAG, with MCC's share reducing to 35%. So effectively STN has been purchased at no cost to the tax payer.
Not sure on the financial situation at STN however?