[8] MAG operates on a commercial basis at arm's length from its public owners who only take a dividend from profits.

In 2000, National Express put both East Midlands and Bournemouth Airport up for sale - both of which were sold for £241 million to MAG in 2001.

[10] Consequently, the councils of Greater Manchester saw it fit to create a dedicated holding company to manage this portfolio at arm's length.

The Group reported 2007/08 profits of £96.5m[11] and decided in 2008 to sell Humberside Airport after 9 years of ownership.

[13] However, MAG sold its 83.7% share of Humberside in 2012 for £2.3 million to Eastern Group who operate nearly half of all flights there amid a return to a general decline of passenger numbers for small regional airport and desire to focus on larger airports.

[14] MAG in partnership with a Canadian pension fund and financial assets unsuccessfully bid for London Gatwick Airport, this followed a report by the Competition Commission into BAA's market dominance in London/South East England and Scotland forcing it to sell off some of its airports.

[15] In January 2013 it was announced that MAG had agreed to purchase London Stansted Airport for £1.5 billion.

[19] Planning permission for the Airport City development was confirmed on 17 January 2013 and construction work is due to begin in February 2013.

The remaining nine authorities, the Metropolitan Boroughs of Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan, together with Salford City Council, collectively own 29%.

In 2012, it was decided that rules on shareholding would be changed to allow external, private investors to purchase stakes in order to provide extra capital for future investment and takeovers of airports.