I don't think that this is necessarily the case. The fact is that Macquaries targets for its return on investment are quite aggressive, and it paid a shit load of money for the Steam Packet. If the Racket breaches the User Agreement, the IOMG would be able to terminate it, and the Racket would watch its £200m asset get revalued to zero.
If you then paid the government, say, £10 million for a User Agreement giving the same level of exclusivity for x years, you could make it pay its way.
The trouble is that Macquarie are badasses, and our government is weak and foolish. The government DEFINITELY has the whip hand in this relationship now, but whether it will use it is another story