Next key steps in the sell-off saga

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The Office of Fair Trading studied the situation for 10 months and concluded there was enough evidence to refer the case to the Competition Commission. It has been studying the airport industry since March 2007, but a final answer remains months away.

Airlines, rival airports and BAA have until 17 September to submit their responses to today's provisional findings and remedies. The Commission can hold further hearings in October. Its final report is not likely to be published until February or March next year.

The Commission's ultimate deadline is 28 March, but even then a sale of the airports will be many months away.

Assuming the Commission continues to recommend the disposals, it can seek an undertaking from BAA for the sell-off, order it do one or appoint a "divestor trustee" to conduct a sale.