And as for it being a small amount Shed
I have never stated that GBP1Bn is a small amount. It is a large sum. But I did say that it is not an unmanageable sum for a business the size of MAG structured over a 10-year build programme.
I know the questions I would be asking if I was asked for £1bn
Me too. But do you - as a self-professed lifelong banker - believe that MAG executives are off to the bank to request a one-off big-hit loan for a ten year modular construction programme? We both know that is not how high-level corporate finance works. Besides, MAG covers many of its costs from income.
Shed, I remind you that Greater Manchester councils have an interest of around 33% in MAG if I remember rightly. I'm sure they wouldn't think of it as a small amount
I'm sure they don't and as I stated earlier, neither do I. But they do regard the terminals redevelopment programme as a very worthwhile and fully-justified capital investment. Perhaps you would prefer them to argue for stagnation and decline? By the way, the ownership split is Manchester City Council 35.5%; Other nine GM Councils 29%; IFM Investors 35.5%.
Surely as an entity with such a significant local ownership/interest, the projections of income streams should be in the public domain?
The Councils are amply represented on the MAG Board. They are very well-informed concerning MAG finances. Given that they receive substantial annual dividends from MAG they're very happy with those finances too. And MAG does declare its finances / profits publicly by way of an annual report.
It appears to me that you have an agenda to discredit Manchester Airport and look for ways for it to fail. But MAG is in safe hands, and their expansion programme is carefully evaluated and costed. Everything is under control.