Two billionaire brothers from Galway have reportedly agreed a €20m deal to buy a majority stake in Waterford Airport.
A report in this morning's Irish Independent outlines that Luke and Brian Comer's acquisition of the stake will include a significant investment programme set to start almost immediately.
It’s understood that Waterford Airport has already initiated project work for a new runway extension as it seeks to restart scheduled commercial services.
There has been no commercial flights from the airport since 2016.
"We've travelled a long journey with this"
However, Councillor Jim Griffin, who is a member of the board of Waterford Airport, has told WLR today that they were not informed.
"The news that is reported," Councillor Griffin clarified, "regarding the Comer brothers and that we are going into some sort of a deal or trying to come up with an agreement with these businessmen, would be fair enough to say.
"We've travelled a long journey with this.
"But the amount of investment and the solar wind farm and all that's going with the reporting on the Irish Independent this morning is news to me."
A meeting of board members was held on the 28th of July and Councillor Griffin says it was not presented to them as a done deal:
"Absolutely not, and I suppose look, as a board member, there's no deal over the line until it's signed, sealed and delivered.
"At that stage, I'm sure every board member will have to present in the board meeting of the airport.
"And with the investment that we're talking about with the local authorities - Wexford, Kilkenny, and Waterford - all our councillors will have to be briefed.
"As you know, there are no meetings in any of the local authorities in the month of August.
"So, that's where we are at the moment."
Discussions with airlines
The Government has pledged €5m towards the runway bill, while the three local authority co-owners, Waterford, Kilkenny and Wexford Councils - have agreed to stump up €2m.
Ryanair and Aer Lingus Regional are believed to be in discussions to provide services from the airport.
Ryanair's first ever services launched from the Deise in 1985 before they ceased operating from Waterford in 1992.
It's believed that developing a hotel and warehouses are also part of the unconfirmed plans - which could see the airport become an air freight support hub as well as expanding existing industries in the local area.
Shareholders
Majority shareholder in Waterford Airport, Mr. William Bolster is set to retain a significant share in the base and will be involved in the development efforts.
The county councils of Waterford, Kilkenny and Wexford are set to see their share sizes decrease with a large number of smaller shareholders set to include Dawn Meats and Coolmore Stud among other businesses.
Under the proposed development programme, Waterford Airport will ideally serve 1,120 outbound flights per annum.
It has also been earmarked that a solar energy farm is being planned beside the airport - which would see the airport powered by the solar farm and any surplus electricity will be then sold to the national grid.
"Tremendous vote of confidence in the South East"
The plight of Waterford Airport is something that Waterford Independent TD, Matt Shanahan, has been beating the drum on for some time.
Speaking this morning, he said, "Hopefully this deal can get over the line and I think it shows a tremendous vote of confidence in the South East region and the potential for economic development.
"There has been an awful lot of work going on in the past and there continues to be a lot of people trying to get an investment proposal over the line and I hope, like everyone else, that this will happen as soon as possible and we can get really seriously motoring on developing our airport infrastructure and the economic development of Waterford."
The Comer brothers’ assets in Ireland include Palmerstown House Estate. They have a property investment portfolio in Ireland with a value of over €1bn.
Waterford City and County Council have confirmed that discussions are ongoing with potential investors at Waterford Airport and legal agreements are being drawn up, but have not been executed.
Any investment proposal will be subject to Government support towards capital expenditure and subject to the approval of Waterford City and County Council and the shareholders of the company - Waterford Airport.
Waterford City and County Council will not be making further comment at this time.
