Balfour Beatty has agreed to sell its majority stake in Blackpool Airport to the council, as the local authority looks to protect the future of the site.
The infrastructure construction group said it will sell its 95% stake in the airport to the council for GBP4.3 million in cash.
In 2014 Balfour announced the closure of Blackpool Airport, forcing airlines to shift routes to nearby airports, after the company failed to find a buyer for the asset.
At the time, analyst Andrew Gibbs told City A.M.: "Blackpool has always been an issue, it's always been loss-making and they have to address the decline in profitability".
Simon Blackburn, leader of Blackpool Council, said today's sale would protect the 30 people now employed by the airport, and said he would be concentrating on safeguarding the helicopter and commercial activities of the site.
"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". "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".
Shares in Balfour Beatty were flat at 263.90 Wednesday.