Deedave has posted some factual matter, i.e. that the local press is reporting difficulties between the Council and the airport owners in agreeing what operating restrictions should be in place. He is also reporting a rumour (this is a rumour network isn't it?) that Infratil are going to begin developing parts of the airfield for non-aviation-related use. I really don't see why you should be so exercised by this.
Those of us who live near the airfield can see how run-down and dialpidated it is. We can see precious little evidence of the millions of pounds of investment that is talked about, and we can see few flights. Most people I speak to now believe that the EUjet saga was the penultimate chapter in Manston's (previously distinguished) history. The final chapter involves converting the runway into a dual carriageway, to link Ramsgate to the Thanet Way, and carving up the rest of the site for a mixed commercial/residential development.
There are lots of people out there who thought it could have worked; possibly the same people who thought the Millenium Dome would be a success. In business, good ideas often founder on the rock of practicality. If it weren't so, we'd all be very rich by investing in sure-fire winners. Sadly there's no such thing, and it's disingenuous to pretend that Manston is bound to succeed.