Flybe have announced they will stop flying jets from four regional airports, but their smaller aircrafts will continue.
The sale has been completed with a consortium led by Virgin Atlantic for one pence per share.
The regional airline rejects a bid by US Mesa Air who are being backed by former Stobart boss Andrew Tinkler.
Blue Islands says it "remains fully committed to serving the Channel Islands" after Flybe announced its sale this morning.
Senator Lyndon Farnham says he is "optimistic" that Flybe's new ownership will present new opportunities for incoming routes to the island.
A consortium led by Virgin Atlantic and Stobart Group has agreed an offer to take control of Exeter based airline Flybe.
Trade unions have voiced their concerns following the announcement that Flybe is to put itself up for sale.
Exeter-based airline Flybe has put itself up for sale, just weeks after announcing a profit warning.