At an unscheduled press conference this morning, First Minister Carwyn Jones has announced that the Welsh Government has reached an agreement with TBI (International airport management company) to purchase Cardiff Airport.
The First Minister went on to say that it is fairly common in the UK & EU for airports to be state-owned and that "Cardiff Airport will be run on a commercial basis", with one possibility for it to become London's 'terminal six'.
The First Minister confirmed the airport would be run by a specialist operator and that any investment will result in a financial return.
He would also want to see staff transferred to the new operator with their existing terms and conditions.
Carwyn Jones said the price for the airport will be subject to independent valuation, but stresses this agreement will only be taken forward following a period of due diligence.
In April, the First Minister came under criticism after he announced plans to create a Task Force to look into the future of the airport.
The Welsh Conservatives claimed the Welsh Labour Government rejected numerous opportunities to invest in major routes from Cardiff, which could have opened up the Welsh economy to lucrative American and European markets.
The Task Force was to look at delivering joint strategic initiatives for the airport including improving the experience of airport users, maximising the economic impact, minimising negative environmental effects and growing the airport in terms of leisure, business and freight traffic.
Wales' largest union, with about 100 members working at the airport including the fire and rescue service, said that this could mean increased business opportunities for Wales and an increase in tourists from abroad.
Bristol airport say they are awaiting further information on the proposals with interest but, they say, based on the information available they would question whether the acquisition of a commercial business operating in a highly competitive market is the best use of taxpayers’ money.
They went on to say the nationalisation of Cardiff Airport goes against the global trend towards privatisation and increased competition amongst airports, which is particularly the case in the UK regional market.