Flybe has confirmed it's to sell it's Gatwick arrival and departure slots to Easyjet for £20 million.
The airline is blaming a 102% rise in airport charges and a lack of aviation policy from central government in the UK.
It says the decision brings to an end a 22 year record of high frequency services provided by the company from Gatwick to UK regional airports.
Flybe says all seven of its domestic routes to Gatwick, including its 26 flights a week from the Isle of Man, will continue as normal until the 29th March next year, with no changes to frequency, pricing or timings.
The other six routes flown from the Island by the airline, including Luton and Southampton will be unaffected.
Chief Executive of the airline,Jim French, says the decision has been taken with "real regret and some anger" and Flybe appreciates the implications the decision will have not only for passengers on the Isle of Man, but the Island's economy as a whole.
But he says the ugly reality has to be accepted that Gatwick simply doesn't want smaller, regional aircraft at the their airport and it's inevitable that high frequency services from the UK's regions will ultimately be squeezed out of Gatwick as they were at Heathrow
He concludes by saying "Gatwick airport may not want those connecting passengers, but others do. Flybe will work with our airports across the nation to ensure the UK’s regional passengers don’t get left in the cold.”