Galway City and County Councils plan to buy the Galway Airport at Carnmore for €1.1 million. The joint venture was confirmed at a special meeting of the City Council yesterday evening.
The Mayor of Galway, Padraig Conneely, said the aviation licence for the airport will be discontinued next week.
Galway's Chamber of Commerce has welcomed the announcement.
The airport incurred a €6 million loss after the Government decision to end subsidies. This decision resulted in scheduled services ending at Galway last year.