Today's widely anticipated news that the airport has been put up for sale follows denials that it was secretly on the market by the Spanish owners.
However, it is now believed that any new owner will want to proceed with an application to enlarge the existing runway as a matter of urgency.
Ferrovial, the Spanish construction company that owns the facility - is thought to be selling it in a bid to reduce its overall group debt burden of more than £23 billion.
Ferrovial bought the airport from Canada's Bombardier in 2003 for £35 million, and analysts now say the Spanish company could sell the facility for up to £150 million.
There's already been a broad hint as to who the new owner might be - ironically as part of Ferrovial's initial denial about a sale.
Back in April, a spokesman for the airport said: "In recent days there has been much media speculation surrounding the future ownership of the Belfast City Airport.
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"The airport can clarify the specific media speculation by stating that no approach, in any form, has been made by the investment bank JP Morgan regarding a possible sale of the airport.
"Belfast City Airport is not currently on the market," the spokesman said at the time - but now - weeks later - it is.
The airport was aiming to lodge an application to extend their runway in the 'second quarter' of this year and there is continued speculation that the application could be made as soon as June.
The proposal for a runway extension was first outlined last October.
This year, the airport is likely to be used by about 2.7 million passengers so the plan to extend the runway at Sydenham from its existing length of 1,829m by 600m, would increase the scope of the airport to handle even greater numbers - which could well be the target for a new owner, anxious to get a return on a £multi-million investment.
However, residents' groups are opposed to further expansion, but an official 'Examination in Public' in 2006 gave the green light to an increase in traffic.
Further to the 'For Sale' sign going up, airport management have stressed that there will be no impact on the day to day operations of airport, which was renamed after the late soccer star, George Best in 2006.
It began commercial operations in a troubled Province back in 1983, with the terminal buildings comprising of converted sheds and a wartime hut, and baggage handling initially done by the airport's Fire Service.
Since then, the airport has undergone extensive development with a new terminal opening in 2001.
In 2003, ownership of the airport passed to Ferrovial, which has its headquarters in Madrid. It bought the airport for £35m.
The development of the facility means the current owners will have more than trebled their money in five years.
See: No Airport(s) Sold...Yet
(BMcC)
