Cagliari Airport privatization loses ground: investigation slows down the process

The privatization of Cagliari airport is losing ground. In 2023, it seemed little more than a formality, certainly a smooth ride. Instead, the heavy-handedness of the Court of Auditors is stalling the airport's handover to the F2i Ligantia investment fund, already the major shareholder in Olbia and Alghero.

There's more than one indication pointing to a slowdown. In October, the Chamber of Commerce of Cagliari and Oristano (Cciaa), the majority shareholder with 94.45%, convened its Council, the political, administrative, and planning body, twice. However, neither the first nor the second meeting resolved to restart the process; the topic wasn't even on the agenda. However, if the institution wants to repeat the 2023 process, it must restart the authorization process from scratch, given that the April term sheet has expired. This is the preliminary agreement signed by the Chamber of Commerce, F2i, and the Todde administration, with a commitment to close the deal by September. In the three-party holding company, the fund would dominate with 50.25%; the Chamber would have 40.5%, and the Region would hold 9.25%.

It is precisely the failure to complete the privatization by September that has rendered the agreement ineffective, at least for now, with the Region, which would have become the only future shareholder to put up real money.