Teesside's airport is 'a key asset' to the region, says Lord Heseltine - Gazette Live
In September, Peel Holdings warned the airport could shut unless it was released from its liabilities to the Teesside Pension Fund - Teesside’s local government pension scheme. As reported, if the airport were to shut the four Tees councils would be left to meet its liabilities to the Pension Fund - an estimated £6.5m. It was agreed by the leaders and mayor of the shareholding local authorities to recommend acceptance of Peel’s proposal, in principle, to their councils.
But in a document seen by The Gazette the council’s sought “a minimum period of ten years operating capability being maintained” by Peel for the airport. It is understood that in a new report Peel has pledged to run the airport for an “unconditional period of five years”. But the airport’s financial position would be reviewed before Peel would commit to operating DTVA for any period beyond that, the report says.