Groundhog, read the announcement carefully...
St Mawgan is not going to be "Mothballed" it is closing, and in all probablity the MoD will dispose of the site.
The Council do own the "Airport"... if by that you mean a terminal building, a hangar and a carpark, everything airside is MoD property (see above).
Civil flights into Newquay began well before 1966, way back in 1939 in fact with Western Airways using Trebelzue Airfield (which is now part of RAF St Mawgan).