From the linked article
The newly-established, Teesside Airport Foundation will hold the 25 percent stake - meaning the airport is 100 percent locally controlled. This will then consist of an independent board of trustees, with applications for those interested opening today.
Another interesting bit:
As a result of the changes, a requirement for a referendum held across the Tees Valley will need to be held if the airport ever goes up for sale has been announced today.
https://www.teessideinternational.co...out-referndum/