Balfour Beatty PLC has agreed to sell its stake in Blackpool Airport to Blackpool Council for GBP4.3 million, the company said on Wednesday.
The council has acquired all shares in Regional &City Airports (Blackpool) Holdings Ltd and so now has 100% ownership of the airport site.
"The sale of Blackpool Airport further simplifies the portfolio, in line with the group's strategy", the infrastructure group said in a statement.
Simon Blackburn, leader of Blackpool Council, said: "Today is a really important day for aviation on the Fylde coast and this sale heralds a positive new dawn for Blackpool Airport. It will also allow us to ensure that the airport itself can continue to operate as an important hub that can benefit the whole region".
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"As the current company stands, Blackpool Airport is profitable and as such we can be confident that the money for the purchase can be repaid".
Blackpool Council last owned the airport in 2004, when it was sold to City Hopper Airports for £13m, before being sold on to Balfour Beatty in 2008.
However, falling passenger numbers and a legal dispute with operator Jet2 over the opening hours of the airport led to the site falling into administration in 2014.
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