CHEAPER flights and more long-haul destinations could be on their way to Stansted after the airport was sold to the Manchester Airports Group for £1.5 billion.
The group, which is owned by ten local councils in Greater Manchester, beat Malaysia Airports and Australian investment bank Macquarie to the deal, which critics claim puts an end to fears of a second runway being built – for now.
MAG chief executive Charlie Cornish said: "We are delighted to be successful in our bid for Stansted Airport, the London airport for Europe.
"The transaction represents a significant milestone in the achievement of our previously stated strategy of adding a quality airport to the group and delivering long term value to our shareholders.
"MAG has a strong track record of creating shareholder value through strategic investment and enhancing operations to improve customer service and drive increased passenger numbers.
"We will use that expertise at Stansted to ensure that the airport can fulfil its potential as a high quality alternative London access point for global air travellers.
"Stansted has scope to benefit from significant volume growth over the short, medium and long term. Our bid for Stansted has been under development for well over a year."
The sale is expected to be completed by the end of February 2013, and until then, bosses at Stansted Airport say they cannot comment, so nothing has been said about what the sale means for the 10,000 workers there.
However, MAG says it has a "detailed integration plan to ensure a seamless transition of ownership and operations", while Unite the Union, which represents 1,000 workers at the airport, say they are positive about the deal.
Manchester taxpayers have not funded the deal, because the cash has been raised through MAG selling a 35.5 per cent stake of its company to an Australia firm called Industry Funds Management.
Meanwhile, Manchester council will reduce its stake from 55 per cent to 35.5 per cent, while the other nine smaller local authorities, which each have a five per cent stake, will share the remaining 29 per cent.
Brian Ross, Economics Adviser for the Stop Stansted Expansion campaign group, believes the purchase is good news for Essex travellers and provides "cautious reassurance" to the people living near the airport that a second runway will not be built.
"Manchester Airport's second runway was completed in 2001, but they did not need it, he said.
"They were thinking it would help them to expand to 50 million passengers a year, but they're doing just under 19 million , which is not much bigger than Stansted.
He said airports with one runway can accommodate up to 45 million passengers, so Stansted, with 18 million passengers, could grow without the need for a second runway.
BAA, now known as Heathrow Airport Holdings, was forced to put the airport up for sale in August, after it lost its fifth appeal against the Competition Commission's 2009 ruling that it must sell to break its monopoly of UK airports.
BAA now owns just four UK airports; Heathrow, Southampton, Aberdeen and Glasgow, after it also had to sell Gatwick and Edinburgh.
Colin Matthews, chief executive of Heathrow, said: "Stansted and its people have been part of our company for a long time. It has been named by passengers as 'the world's best airport for low-cost airlines' for two consecutive years and we are proud of its achievements.
"We wish the new owners every success and are confident it will continue to flourish."
