Will 2026 be the year of "Sardegna Aeroporti"? The future holding company controlling Sardinia's airports is missing one key milestone: the ruling (hearing at the end of February) on the legality of the first merger between Alghero and Olbia.
The Region has reserved €30 million for a stake of around 10%. Too little, critics argue, to really matter. Cagliari-born lawyer Paolo Angius led the 2015 merger of Pisa and Florence airports into the company "Toscana Aeroporti."
He is in favor of private management (the F2I fund) but specifies: "an island region cannot fail to have a strong public presence in the corporate body of the airports."
The right to mobility is at stake here. Sardinians must take planes.
The Region must aim for effective power in the future holding company. If not control, then certainly direction on some matters and veto on others. Tuscany is a connected territory, with railways and roads. Sardinia is a different matter; there's an infrastructure deficit that affects development, tourism, and the arrival of investors. Let's remember that everywhere, Regions, Provinces, and Municipalities have a significant influence on territorial marketing and the routes they support. They effectively participate in management, even outside of governance.
Future regional participation seems light.
"How important a company is also depends on the weight of its people, their experience, and their expertise. Strength and authority aren't just a reflection of share capital. The key issue is the weight of the vote cast on a board of directors, how a percentage of shares is managed."
What do you think of the current management of airports?
Sardinian airports are working well. This is partly thanks to the combined effect of the public sector. However, I consider Cagliari's to be only half-public, meaning that the Chamber of Commerce ultimately acts as a private entity. I must say that all the management companies in Italy are very good, even though they are in a quasi-monopoly situation with F2I and Aeroporti di Roma. But there are scenarios on the horizon that call for a national policy for the sector.
That is? I don't think there's an air transport crisis...
"Not at all. Between now and 2035, there will be one hundred million more passengers in Italian skies. Meanwhile, the concessions of the most important airports are approaching their expiration date, in 15-20 years."
He's telling me that before investing, management companies need to be certain about the future.
"I say that the entire airport policy needs to be revisited. To ensure transportation for those one hundred million passengers, infrastructure and investment are needed. And a more serious reflection."
We're limited by seasonality. Is this a concern for private operators? In Sardinia, business is done in the summer.
"The municipal surcharge must be abolished. Otherwise, the major low-cost operators will not deploy new resources. Let's remember that for over ten years, Ryanair has been the leading carrier for Italians. Both the public and private sectors must decide in this direction."
Compared to the F2I network, we're small. Are we at risk of becoming marginal?
In the current landscape, F2I is the leading operator. Having multiple management companies under direct control means creating a larger critical mass. The Sardinian situation shouldn't be viewed from this perspective; I'd make a separate consideration. While the same operator for Alghero, Olbia, and Cagliari may have a competitive advantage over certain companies by offering more affordable rates, this doesn't necessarily translate into a competitive advantage over the market.
Sale of Sogaer from the Chamber of Commerce to F2I: the Court of Auditors requests a tender.
"There are rules that must be respected. Privatization must be as transparent as possible, and those interested must be able to fully express their management skills. The island's wealth also depends on this."
Nicholas Scano
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