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I do not dispute what you say.
You do have have to admit, however, that BAA had to be pushed into investing more to unblock bottlenecks. It did this only in Heathrow under severe economic pressure. That is the reason FERROVIAL had to concede the sale of three top airports and reduce its shareholding in the remaining group(HAH Ltd.).
Do not twist the argument as I am not talking about BAA – which is now HAH – but about TBI(which includes Luton and Belfast International).
With the experience of BAA/HAH is it true that there is a grave danger of the holding company for Luton airport, TBI, being subject to a creaming off of its profits for other purposes than investment in the airport? I fear so.