Report shows falling airport value
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A North-East council could miss out on more than £2m because of delays in reaching agreement on the sale of its stake in Newcastle Airport, the Northern Echo reports. Documents obtained by the newspaper show that the airport’s main owners intend to offer Darlington Borough Council between £300,000 - £500,000 for its shares. Four years ago, they were valued at up to £2.9m, indicating a massive decline in the airport's value.
In 2006, the airport’s main owners, Newcastle Airport Local Authority Holding Group and Copenhagen Airport, agreed to try to buy Darlington Council. Its shares were then valued at between £2.6m - £2.9m. A fresh valuation at the beginning of 2008 estimated the shareholding to be worth between £1.5m - £1.8m, in part because of money taken out during a refinancing.
In late 2008, a further valuation estimated Darlington’s shares to be worth between £500,000 - £800,000. However, a valuation based on the airport’s 2009 budget figures suggests Darlington’s shareholding was worth just £300,000 - £500,000, and it could have fallen further since then.
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