Gatwick gets ready for its new owner

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The Evening Standard revealed on Friday that each of the bids will contain plans to expand Gatwick and to start construction of a new second runway at the airport in 2019.

The sale, however, continues to be mired in uncertainty.

BAA's Spanish owner Ferrovial is being forced to sell Gatwick after an anti-monopoly investigation.

BAA was asking about £2.2 billion but is now expected to get only as £1.5 billion despite the provision of £1.25 billion of "stapled finance" being provided by sale advisers Royal Bank of Scotland and HSBC to smooth the deal.

The offers by consortia led Manchester Airport, Citigroup and Credit Suisse/General Electric could yet fall foul of regulators if the proposals are too reliant on debt.