Stobart is to take over the management of UK regional airport Durham Tees Valley under a 10-year joint venture agreement with the local authority that owns the facility.
Durham mayor Ben Houchen states that the logistics group has been tasked with delivering a "rescue plan" under which passenger numbers will need to reach 1.4 million per annum and a low-cost carrier must be secured by 2022.
The facility returned to public ownership in December 2018 when The Peel Group agreed to sell its 89% share in the airport along with 819 acres of surrounding land to Tees Valley Combined Authority for £40 million ($51 million).
At the time, Houchen said the move to bring the airport back into public ownership was motivated by an election pledge made in 2017 to halt a planned housing development on the land surrounding the gateway.
Houchen says the planning application to build 350 homes outside the airport terminal has now been "withdrawn".
Stobart already manages London Southend and Carlisle airports.
Source: Cirium Dashboard
