Virgin and Stobart involved in £2.2 million purchase
Flybe is being bought for £2.2m by a consortium including Virgin Atlantic and Stobart Group.
The move ends months of speculation over the future of the airline which flies several key routes from the Isle of Man, including Manchester and Liverpool.
Last October, the Exeter-based airline's put itself up for sale after a severe profits warning and a projected loss of £12 million this financial year.
Several airlines including Stobart and Virgin have been mentioned in recent weeks as being in discussion with Flybe.
The consortium which is buying the airline also includes the venture capital firm Cyrus, which it's claimed will inject £100 million into the business.
The BBC reports that the group will be known as "Connect Airways" and will initially lend £20 million to Flybe to support the on-going operations of the airline.
This will be followed by a further £80 investment in future months.