In today's economic and political climate, there is a growing trend toward less governmental intervention in the economy and more reliance on the private sector for the delivery of a variety of services. Deficit politics, airline deregulation, and the prospect of a windfall of cash has prompted many local units of government that own and operate airports to consider selling or leasing these facilities to private investors. Airport privatization has emerged as a contentious issue, with weighty arguments on both sides of the debate. This article examines these arguments and presents several models of airport privatization. The authors suggest that the most aggressive form of privatization–full divestiture–is unlikely to produce the benefits advertised by its proponents. However, less radical forms of privatization serve as useful models for future airport ownership and operation. The authors conclude that, given the great variation in the types of airports in the United States system, no single model is suffici