The directly-elected mayor of Tees Valley, Ben Houchen has reached terms to bring Durham Tees Valley Airport (DTVA) back into public ownership for £40 million. Mr Houchen said he has reached a deal with the current owners, Peel Airports to buy its 89% shareholding in the airport and 819 acres of land for £40 million. As part of the agreement, a parcel of land with outline planning permission for 350 homes will also be purchased. The mayor has previously committed to stopping the planned housing development. The mayor has now called an emergency meeting of the Tees Valley Combined Authority Cabinet in January 2019 to approve the deal. The deal, if approved by cabinet, will transfer ownership of the airport to the Tees Valley Combined Authority early in 2019. At a joint press conference hosted at Durham Tees Valley Airport, Mr Houchen said: ‘I am delighted to confirm that I have reached … (To read the full article, subscribe below)

Jamie Hailstone

Senior reporter – NewStart