A NEW SAVIOUR in the long-running saga of Waterford Airport has been presented this week, promising €30 million to make the airport viable for commercial flights for the first time in almost a decade.

Waterford councillors are to vote on whether to hand over more than 100 acres around the airport to move forward with the new investor’s plans for critical works to take place to develop the airport and modernise its runway.

But the proposal comes with a catch: elected politicians are not allowed to know the name of the mystery investor before they cast their vote.

They are being asked to trust in the plan which has been put together by an airport shareholder who secured the private backer. That company’s chief executive William Bolster spoke to councillors at a private meeting this week.

Details of the plan emerged yesterday in statements from Waterford City and County Council and the Bolster Group.

A number of politicians in the city, speaking on background, described the anonymity as problematic, as it means councillors have no chance to do due diligence on the mystery investor.

Some feel “backed into a corner” on the vote, while others think it’s the best hope the airport has of serious development after talks stalled with the government on state funding.

The fear is that if the funding does not happen then the airport will close. On that basis, some councillors believe the offer is hard to turn away.

The critical vote will take place on 17 October.

Originally opened in the early 1980s and first serviced by Ryanair, the airport’s last route linking the city with Luton ceased in 2016 due to decreasing traffic, leaving it without scheduled service since.

It is hoped that the plan will revitalise the airport and make it attractive for airlines to use Waterford.

Bolster, who sits on the airport’s board and has a significant shareholding in the airport, defended the requests for anonymity for the investor.

He stressed that the anonymity is for “purely commercial reasons” and that the investor has been fully vetted.

“The investors have asked to remain anonymous, for purely commercial reasons, and I have to respect that,” Bolster told The Journal.

“I’m sure they will come out in the fullness of time. However the Bolster Group is a local business and has its reputation to uphold at all times. Investors, and associated funds, in this proposal have been fully vetted.”

In late 2023, Waterford Airport received a commitment of €12 million from the Comer Group, run by billionaire brothers Luke and Brian Comer, with the money going towards developing a runway extension.

The council confirmed this week that Comers are no longer interested in progressing their investment plans for the airport.

Inflation meant the cost of the expansion has doubled and is now thought to amount to around €30 million.

Matching funding had been sought from the government through the Department of Transport, but negotiations had stalled over the past 18 months. Earlier funding of €5 million had been committed when Shane Ross was Transport Minister but the money became inadequate due to inflation.

A vote of confidence in the plan came from the Waterford Chamber of Commerce this week which attached its chief executive Gerald Hurley’s name to a statement from the Bolster Group announcing the investment plan for the airport.

“This is a pivotal moment for the South East,” Hurley said, calling the airport’s development a catalyst for projects such as offshore wind energy in the wider region.

“If we get the go ahead, it will send a clear message that the South East is ready to grow and lead on a national stage,” Hurley said.