‘All is good’ - Waterford Airport takeover still on track as council issues latest update

The takeover of Waterford Airport by a private investor is still on track, the Chief Executive of Waterford City and County Council has confirmed.

Social Democrats councillor Mary Roche requested an update on the airport at the February plenary meeting of Waterford City and County Council.

Cllr Roche said: “I know it’s quite a few months now since we discussed this in detail. I’d just like to be reassured that things are moving on as promised.

“The trusted investor process, I’d like to know where that’s at and the timelines going forward if they are going to be stuck to as they were indicted at the time we discussed this.”

In response, Chief Executive Sean McKeown said that “all is good” with regards the airport development.

READ NEXT: Who is Kelcy Warren? The US billionaire behind Waterford Airport’s redevelopment

Mr McKeown stated: “In relation to the airport, I can confirm that all the contracts, licence contracts and contracts that the council is involved in for the airport development have been agreed successfully.

“The FDI (Foreign Direct Investment) process that the funder and developer for the development is involved in is almost near completion. We got some indication on that from the Department of Enterprise in the last couple of days.

“So all is moving ahead and the developer hopes to be on site in March or April of this year as per the timescale that was outlined to us on day one.”

He also outlined that a meeting of the old Waterford Airport company still has to take place.

“The members will be aware that the first of the two EGMs that were held by the Waterford Regional Airport company, that’s the old company.

“The first EGM was held in December to agree the investment proposal, the very same as we did as a council in October of last year.

“The shareholders came together at that first EGM and that put in train a series of events that includes a liquidator being appointed to ensure that all of the creditors have been paid and that the assets of the airport company will transfer to the developer.

“A second EGM will have to be held in the coming weeks to verify the report of the liquidator and again, the shareholders have to agree to that and that makes up all of the legal and statutory processes that we have to go through.”

Mr McKeown concluded by saying that the FDI process is the last bit of paperwork that still has to be completed.

Kelcy Warren is widely reported to be the mystery investor who has committed €30 million to the airport’s redevelopment.

The deal will see the new Waterford Airport company and its assets come under the control of the US billionaire.

Mr Warren, who hails from Texas, has an estimated net worth of €6 billion.