The council granted LSACL a 154 year lease in 1994. The company was purchased by Stobarts in 2008 so as of today they still enjoy 134 years of the lease. The rent in minimal but they do have repair and upkeep obligations and a duty to share any profits from airport operations (which isn't a problem at the moment as there aren't any profits). Overall I think the lease terms are not the reason for £180m being wiped off the company's valuation. The lack of any profit on a £100m+ investment in the airport is the likely cause and the confirmation that pax numbers will go down and not up over the next 12-15 months has worried investors.