Durham Tees Valley Airport £40m takeover deal approved
A bid by the Tees Valley mayor to bring the local airport into public ownership has been given the official go-ahead.
Ben Houchen said the £40m plan to buy Durham Tees Valley Airport was needed to "give certainty" over its future.
The Labour leaders of the five councils that comprise the Tees Valley Combined Authority have now voted to back the move - one of the Conservative mayor's election pledges.
Current owner, Peel Group, said it welcomed the decision.
The deal also includes 819 acres of land, for which planning permission for 350 homes has already been granted.
Mr Houchen said the plan was "an ambitious one", which meant "Teesside is taking back control of its own destiny".
He said: "This is a truly... the start of a new era, everyone should go away from here with a more positive outlook for the Tees Valley."
Peel Group said in a statement: "We have been working hard with the mayor to ensure a smooth transition once the sale has been concluded.
"Following today's decision, we will continue to work with the mayor and the Combined Authority to assist in completing the process."