Leeds-Bradford International Airport has been sold for £145.5 million, netting Bradford £58.2 million, it was announced today.
Bridgepoint Capital will take control of the airport, having already been selected as the preferred bidder by the five local authorities which owned it.
As joint majority shareholder alongside Leeds, Bradford Council is entitled to 40 per cent share of the sale with the remainder to be split equally between authorities in Wakefield, Kirklees and Calderdale.
The new owners pledged to carry out a £70 million investment programme in the airport to double passenger numbers to seven million by 2015 and increase the number of destinations the airport serves.
Tony Reeves, chief executive of Bradford Council, today confirmed discussions were under way as to how the £58.2 million would be spent.
He said: "The Council's priorities are education, regeneration, the environment, safer and stronger communities, older people and improving customer services.
"We will be discussing with the politicians how it should be best spent."