SHAREHOLDERS in the British based property group TBI have approved the purchase of Belfast International Airport for £107 million sterling in cash and shares.

The sale, which was announced last month, includes a £38 million pound payout to management and staff at the airport. The deal was agreed just two years after the British government sold the airport to a management buy out team for £32.75 million.

TBI chief executive, Mr Keith Brooks, said yesterday that Belfast International was a substantial airport with potential. TBI is now a significant operator of regional airports in the UK and plans to consolidate and develop its position, Mr Brooks told shareholders at an extraordinary general meeting in Cardiff.

Under the deal with TBI, Belfast International Airport's three senior executives will each receive £6.4 million for their combined 25 per cent stake in the company. The three men managing director, Mr Jim Dornan finance director, Mr Greg Hamill; and operations director, Mr James Mairs; are also to retain their positions following completion of the sale.

About 200 of the airport's staff who are also shareholders will each receive an average of £96,000 for their stake in the business.