The Cork Airport Authority is to write to Taoiseach Bertie Ahern to convey its opposition to a proposal presented at yesterday's board meeting that Cork airport would assume €100 million of the €220 million debt on its new terminal and other facilities.
Authority chairman Joe Gantly undertook to write to Mr Ahern after the majority of the 12-strong board strongly opposed the debt proposal during a lengthy debate.
The Irish Times understands the proposal was presented on the basis it was the best possible deal for Cork if the airport is to become independent of the Dublin Airport Authority.
"This was the first that the board had heard that Cork was being asked to accept a €100 million debt and people were shocked. People pointed out that they had agreed to become board members on the clear understanding Cork would start debt free," said one source.
Details came to light when Mr Gantly presented figures for Cork airport's business development plan, which showed airport management are factoring in €100 million they will have to pay the Dublin Airport Authority (DAA).
Cork airport has a debt of €220 million on DAA's books, with some €90 million of this being incurred directly on the new terminal, a further €90 million on other new developments at the airport and the remaining €40 million being a long-standing debt.
