Ryanair chief executive Mr Michael O'Leary said the European Commission was likely to rule against his low-fare Irish airline in an illegal state aid case, but that he would fight the ruling in court.
The Commission is investigating whether Ryanair benefited from illegal state aid to fly into the airport of Charleroi, a city south of Brussels. Ryanair has denied the allegations.
"Apparently there are significant portions of our arrangements for Brussels-Charleroi in the draft that are deemed to be found unlawful," Mr O'Leary told a news conference.
He was citing what he said was a draft of the Commission's decision which he had himself not seen but on which he had received feedback from EU Commission sources.
The Commission said it would rule soon. "We have until June 2004 to take a decision. We're intending to take a decision in the coming weeks but I don't think it will be before the end of November," said Mr Gilles Gantelet, the spokesman of EU Transport Commissioner Loyola De Palacio.
If the outcome did prove to be negative, Mr O'Leary said he would appeal to the European Court of Justice in Luxembourg.
He would also enter into talks with the Belgian regional Walloon government, which controls Charleroi, to possibly privatise it and set up a similar low-cost arrangement.
The Walloon government said earlier it hoped to sell a 49 per cent stake before year-end but Economics Minister Serge Kubla has suggested a further privatisation, his spokeswoman said.
Ryanair shares ended down 3.66 per cent at €6.58, against a 0.2 per cent dip on the Dublin market.