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A deal to confirm the new operator of Durham Tees Valley Airport will be completed "by the end of March".

Council leaders and the Tees Valley Mayor Ben Houchen signed off the £40m deal to buy back the airport in January alongside a £588m investment plan.

Chief executive Julie Gilhespie told the latest Tees Valley Combined Authority (TVCA) committee how "conversations were continuing" on the airport and it was "still on track" to secure a deal and confirm an operator by the end of this month.

Costs are expected to come to £75m for the infrastructure and the "holding company" of the airport - split 75 to 25% in favour of the TVCA.

A report prepared for the meeting said the combined authority was in the "final stages" of agreeing the legal contracts for the purchase of the airport .

This would see the name of the hub officially changed back to Teesside International .

It is understood the operator of the airport will be the Stobart Group but this has not yet been officially confirmed.

The airport master plan is hoping to hook in a low cost operator to push passenger numbers above one million from the existing 140,000 .

Elsewhere in transport, the TVCA committee also heard funding had been found for an upgrade to the "Tees Valley Urban Traffic Management Control System".

The system is run by Middlesbrough Council and its staff monitor air quality, car parks, traffic flow, CCTV and how electric message signs are changed on roads.

(Image: Katie Lunn/Teesside Live)

A report prepared for the meeting said the money would replace "back office infrastructure" to speed up journeys.

Studies in to whether more variable message signs and monitoring equipment are needed are also in the pipeline.

Ms Gilhespie added: "We're working on a proposal to bring some funding forward.

"For those who don't know, this is about the software which gives you smart traffic systems - it controls pedestrian crossings, traffic lights and the like."