Unfortunately the only plans in the offing for Sandown at the moment involve closing it completely and building an enormous butlins-like tourist park (oops - luxury holiday cabins) on the site.
Isle of Wight: Airport plans on hold covers the saga and refers to an article of a couple of weeks ago that originally discussed the 'holiday park' scheme.
Let's hope this does fall through - it would be a sad end for a beautiful airfield.