The Manchester Airports Group plc (commonly abbreviated as MAG) is a holding company which is owned by the ten metropolitan borough councils of Greater Manchester, in North West England, and Australian investment fund IFM Investors. Founded in 2001 following the acquisition of East Midlands Airport, MAG is the largest UK-owned airport operator, following the purchase of BAA by Spain's Ferrovial Group in 2006. The Group owns four British airports, Bournemouth, East Midlands and Manchester Airport which is the busiest airport outside the London region, as well as London Stansted Airport. In 2014, 47.1 million passengers used Manchester Airports Group
Of the ten metropolitan boroughs of Greater Manchester, Manchester City Council holds the largest stake, at 35.5%. The remaining nine councils hold a total of 29%. IFM Investors own a 35.5% stake in MAG. The Group has its registered office at Manchester Town Hall. MAG operates on a commercial basis at arms length from its public owners who only take a dividend from profits. This was £20 million in 2010 while MAG retained £80 million from the £100 million profit. The Group are focused on delivering the £659 million Manchester Airport City.
Planning permission for the Airport City development was confirmed on 17 January 2013 and construction work is due to begin in February 2013. On 18 January 2013, it was announced that MAG would purchase Stansted Airport from Heathrow Airport Holdings for £1.5bn. IFM Investors purchased a 35.5% stake in MAG to help fund the takeover. The sale was completed on 28 February 2013. (Source: Wikipedia)