Manston Airport purchase plan likely to be dropped by Thanet District Council
A plan for the compulsory purchase of Manston Airport is likely to be dropped by Thanet District Council.
The East Kent airport closed in May and is set to be redeveloped for business and housing.
A report due to be presented to the council on 11 December recommends no further action be taken on the compulsory purchase of the site.
The recommendation came after the council failed to find a partner to cover the cost of the plan.
The council said it did not have the finances in its own right to pursue the purchase.
However, Stephen DeNardo, chief executive of RiverOak Investments, which had in interest in purchasing the site, said the company could cover the costs of the compulsory purchase.
He said: "Over the last few months, we believe we have delivered to the council all the relevant paperwork and information that they have asked for, and throughout we have stood by our commitment to cover all the costs of the CPO.
"We will take time to read the report, study its implications and formulate the appropriate response."
In September, the airport was sold to regeneration specialists who planned to develop the site for manufacturing, housing and schools.
Trevor Cartner and Chris Musgrave, part of the consortium behind Discovery Park, Sandwich, bought a majority stake for an undisclosed fee.
They plan a 20-year £1bn redevelopment to "create more than 4,000 jobs".