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ion - control passes to private operator for a fixed period - this is how some new roads and bridges are managed in North America - annual fee paid to government, which retains ownership (Graham 2008, 32).

a private operator finances and builds new facilities, pays annual fee to government, thingies ownership to the government after a fixed period

management contract - an operator runs the facility, and either the operator gets a fee or the government receives a percentage of revenue (Graham 2008, 34).

The better way to privatize is to share control between government and private interests. See Table 2: Degree of control mix among different styles of government and full private ownership (from de Neufville 1999, 17) for an illustration of how this is so.

Determining the potential of an airport for privatization
Not all airports are suitable for privatization, and the experience differs in the developed and less developed worlds. In the developed world, the USA is an anomaly. Less privatization has happened there, and this may be because most airports are under local control, and also under significant pressure from the airlines that use them (de Neufville 1999, 5). Both entities can interfere with any contemplated changes. The approach used in Canada, New Zealand, and Australia, has been to turn the airports into not-for-profit corporations. Such airport authorities as Vancouver Airport Services, a not-for-profit corporation, operate their own and other airports.

The case in the less developed world for airport privatization differs due to the lack of both public and private funds for infrastructure development. Still, these countries need these airports, and alternate business plans must be developed. Less developed countries have much more growth potential in air transport and that can be met with improved facilities and increased capacity (Button 2006, 14). The major part of their revenue is airside (Button 2006, 14). Figure 1: 'A generalization of airport trends in developing and developed countries' will illustrate this phenomenon. Button (2006, 14) adds that airports in less developed countries do not generate sufficient revenue to cover costs, so the governments must provide subsidies, and this makes these airports unsuitable for privatization. A full privatization cannot be expected until a national economy can support infrastructure improvements and an airport can prove its potential for profitability.

IV. Operating environment considerations regarding privatization
The operating environment needs some favourable market conditions for success in privatization. External market forces can encourage or prevent successful conversion to private control or ownership; Button asserts that '[r]egulatory changes in airport policy in countries such as the UK came against a backdrop of successful liberalization of many other markets, quite strong macroeconomic growth, and with fairly well defined objectives' (2006, 3). A privatization could not proceed in the absence of these factors, as in the case of a less developed country. There, the private sector has limited access to capital markets and the government may not be able to afford to borrow internationally. The catch is that these economies lack sufficient development for an investment to have acceptable risk levels; without the airport and other transportation infrastructure, though