I would be amazed if the airport does not get taken on as a going concern.
I would be amazed if it does.
Its been poorly managed for a number of years now and requires a huge investment just to manage the debt, never mind running an airport with little or no commercial income and huge overheads.
That, the cost of commercial borrowing and the attitude of the combined local authorites to any expansion is enough to put off any potential investor, in fact I think they'd be carted off to the funny farm for even thinking about it.
I can't see Bagington ever returning as an airport, in fact, as others have said elsewhere, if the local councils have anything to do with it, I wouldn't be suprised to see it sold off as a business park or similar in the near future.
Good luck to all affected (ineviatebly it won't just be those directly employed at the airport).