The new owners want to expand the airport's European routes

The authority said the deal, with City Hopper Airports Ltd and Mar Properties, will enable the airport to expand and create more jobs.

It will also mean "significant savings" for the council, a spokesman said.

City Hoppers, which owns Wolverhampton Business Airport, in Bobbington, Staffordshire, has said it wants to bring new European routes to Blackpool.

It also wants to increase passenger numbers from the airport's current level of 250,000-a-year to one million in four years time.

The deal was discussed by a full council meeting in June.