MAG was owned by the local councils. Can someone clarify why bringing in an investment fund to dilute the council's shareholding and then buying an airport hundreds of miles away benefits the councils and their populations?
They would have been off focusing on extracting further dividends from MAG to support local services than allowing management to go off on a trophy buying spree, which then requires their service contracts to be re-adjusted for this "extra responsibility" after benchmarking with their peers.