I can't see the land being used for another business park. Coventry already has more than enough on the go, or just lying empty: Brown's Lane, Whitley, the doomed Ansty business park, Peugot, not to mention the huge Friargate project in the city centre (25 new buildings, most of which are for businesses)
Coventry's council is currently Tory - it's been labour pretty much constantly since the war. Labour have done far worse things to Coventry over the last 70 years than a bit of financial mucking around with the airport! Maybe the tories might have a slightly different slant towards the airport?
Re: Coventry Telegraph. It's a worthless waste of paper - you can find out more from looking at various forums (Try
SkyscraperCity - Powered by vBulletin where there's a fairly active Coventry crowd in the Birmingham subforums).