Luton Rising, which owns Luton Airport on behalf of Luton Council, is preparing to tender the concession to operate Britain's fifth-busiest airport, with a new operator expected by the end of 2029. US bank Cantor Fitzgerald is reportedly among potential advisers. The airport itself is not being sold; Luton Rising retains ownership of the physical asset, while bidders would acquire a licence to operate and develop it.

The airport recently secured government approval in April 2025 for a major expansion to raise capacity from around 19 million to 32 million passengers, a roughly 70% increase, clearing final legal hurdles in July. Luton served 16.7 million passengers in 2024, and the expansion is expected to support nearly 11,000 jobs.

The current concession is held by London Luton Airport Operations, owned 51% by Aena, the Spanish state-backed world's largest airport operator, and 49% by infrastructure investor Infra Bridge. The consortium traces back to 2013 when Aena acquired the concessionaire alongside Aerofi, a vehicle of French private investment house Ardian, whose stake later passed to Infra Bridge. Since then, the operator has paid more than $680m in concession fees and roughly doubled passenger numbers, while currently refinancing about $530m of debt. Aena has signaled it wants to lead the expansion, setting up a likely defence against new entrants. Luton Rising declined to detail the process, stating its overriding priority is securing best value for Luton residents.