Shareholders of Waterford Regional Airport plc have voted to wind up the company at an Extraordinary General Meeting held in the Tower Hotel on Monday last, 20 April.
This final act from the Airport company will pave the way for a US-led takeover and a €30m development project.
Although the investor is reported to be Texas Oil Billionaire, Kelcy Warren, former CEO of Waterford Council, Michael Walsh, who chaired the EGM, said he still could not officially name the investor as he remained bound by a confidentiality agreement.
A majority of shareholders in Waterford Regional Airport plc, consisting largely of local people and businesses, voted to liquidate their shares without receiving any money. The new Airport Company will be owned solely by the US investor, who has committed to making Waterford a commercial international airport.
The EGM saw the outgoing board field questions from the shareholders. Although the tone of the meeting was largely positive, as some suggested the development will herald a new era for the South East, a minority of shareholders expressed disappointment that they were obliged to relinquish their shares without receiving any compensation as part of the new deal.
Extensive due diligence
The EGM began with Michael Walsh giving an update on the Airport development, which was approved by Waterford Council in October 2025.
Mr Walsh described a rigorous screening process undertaken on both sides of the arrangement.
"Extensive due diligence was completed by the investor’s legal reps before the first EGM,” explained Mr Walsh in his opening comments.
“This extended 2-3 months and every record, every potential problem the company may have was examined. Thankfully there was a clean bill of health.”
With the new airport owner insisting on anonymity, questions have been raised regarding the screening process of the US investor. Mr Walsh guaranteed that the Foreign Direct Investment screening was also “an extensive body of work” which extended all the way to the EU.
Mr Walsh then went on to breakdown the financial developments which will allow the company to be dissolved.
“€1.5 million was paid by the new investor to discharge all of the debts of the company,” he said.
It was explained that the company had been running on overdraft and had built up significant liabilities, which included €300,000 of process costs and between €5,000 and €6,000 of professional costs arising from previous efforts to extend the runway.
“Everybody that was owed anything was paid a week after that first meeting in March,” Mr. Walsh said.
Along with paying off these debtors, this €1.5 million payment from the new investor also bought €130,000 to €140,000 worth of debts owed to the company—collecting these will be the responsibility of the new owner.
In his closing remarks, Mr Walsh emphasised that this investment offers an unprecedented opportunity for Waterford Airport to succeed. While other airports are limited to what he called ‘limp along’ public funding which is limited by capital availability and procurement processes, Waterford Airport will have a sole owner who has invested their own money and has the highest level of business acumen to drive the project forward.
“It has been highly intensive that’s the only way I can describe it. It was deeply intensive in terms of due diligence. In terms of processes there is no fear that every ‘i’ was dotted and every ‘t’ was crossed,” Mr. Walsh said, adding: “The simple purpose of today’s meeting is to propose to you that we wind up”.
Air Force One
Shareholders present at the EGM expressed mixed views on the development. One Waterford woman said the situation was an indictment of Waterford’s TDs through the years from all parties that they couldn’t persuade the government to fund the airport project.
“It was in the main the ordinary people of Waterford who put their hands in their pockets,” she explained.
“There was a certain pride in owning shares, I never owned any other shares. In many instances these shares were passed down through the generations,” she said.
“Whereas none of us expected we would make a killing out of those shares, none of us expected to give then back for nothing. The situation is very unacceptable.”
She went on to say that the identity of the Airport’s new owner was common knowledge and asked if Waterford could expect the arrival of Air Force One, the name given to official aircraft used to transport the US president.
In contrast to these comments, another local businessman described the investment from the US as “manna from heaven”.
“We knew that we were never going to get anything back. I think the right people were on the board at the right time,” he said.
“We should not do anything that was detrimental to the investor. We are so lucky to be where we are thanks to the people on the top table.”
These latter comments prompted applause.
Although Michael Walsh was keen to emphasise his excitement at the new chapter for Waterford Airport, he did acknowledge that he had “a certain level of a heavy heart, let’s be honest,” that the shareholders did not see a return on their investment.
“I can speak for all board members, if we could possibly at all, we would have gotten a return for the investor,” he said. “I appreciate there is sensitivity around someone’s political views.”
According to Mr Walsh there is no prospect of Air Force One using Waterford Airport as it could not facilitate a widebody aircraft, even with the runway extension. It was, he explained, being designed to accommodate commercial passenger aircraft.
“The better comparison is Kerry Airport,” he said. “It’s not for a transatlantic stop off to refuel. It’s not of that scale. It’s going to be a regional airport capable of taking jet traffic and that’s the key from our view,” Mr. Walsh added.
A view from the control tower
Donal Leahy, Air Traffic Services Manager at Waterford Airport spoke to The Munster Express after the event.
“I have been at Waterford Airport since Ryanair stared in 1985,” he explained.
“This is a fantastic opportunity for the airport. We could not have done it without private investment. The government were dragging their heels. This really is fantastic.
“I’m looking forward to the recommencement of scheduled services in Waterford Airport next year, it’s something to look forward to. Hopefully we’ll have destinations into London and into Europe and more importantly, we’ll be able to get away into Spain, Malaga, Lanzarote, it’s going to be brilliant, it’s really exciting to us,” Mr. Leahy said.
“I can understand the disappointment from some of the shareholders but I don’t think the board had any choice,” he explained. “They had to go with this option.”
Mr Leahy went on to say that the airport is not quite as dead as it is sometimes portrayed.
“From our point of view, we are actually quite busy, we have the training school, we have the search and rescue helicopter, we have corporate aircraft, but the media sometimes gives the impression that the airport is dead,” he said.
“The place is actually very active. We can be very busy in air traffic control.
“From an air traffic control point of view, it’s not going to be that different [after the development] because the way you handle aircraft is not going to change that much. But you are going to have a longer runway with Boeing 737s and hopefully Airbus 320s coming in. So, it just makes your job a little bit more interesting.”
Mr. Leahy continued: “I stared in 1985 when the airport was a portacabin, a shed. We got the new building in the early ’90’s. Nicky Fewer, Tom Sheridan, Cormac McNamara, Dominic Ellickson, so many different good people chairing the board. And they kept it going despite everything”.
“What we really need is good political representation at Cabinet and we are not getting that. As a result, we are having to fight for everything,” Mr. Leahy added.
A huge day for Waterford
The Munster Express got the reaction of Councillor and Waterford Airport board member, Cllr. Declan Barry, who was of the strongest voices in favour of the investment proposal back when the deal came before Waterford Council in October 2025.
“I am delighted today is a huge day for Waterford,” he explained. “It is a little sad in one case, with the old company being wound down and going into liquidation, but what a bright new start the people of Waterford and the South East have to look forward to the future.
“With works taking place and then the connectivity for the South East region, you are talking Waterford, Wexford, Kilkenny, South Tipperary, for our young people, for our tourism, for our college, the possibilities are endless,” he said.
“This is a bright day for Waterford,” Cllr. Barry said.
“It’s 10 years since commercial flights in and out of Waterford,” he continued. “When I joined the board back in 2024, I would describe the company as being on life support, needing continuous subvention form Waterford City and County Council just to meet the day-to-day running costs. That couldn’t go on indefinitely. All other avenues were explored and government funding was not forthcoming.”
Cllr. Barry explained he was honoured to play a part in the progress.
“It’s all systems go. I, on a personal note, am delighted with this. I would like to think I contributed in some small way to where we are. This is a voluntary position on the board but at the end of my five year term when the airport is successful, I’ll feel very proud to have achieved this with my fellow board members and the people who have gone before me as well. Today marks and exciting day for Waterford, for our young people, and our future,” Cllr. Barry added.
AARON KENT
Funded by the Local Democracy Reporting Scheme
