Runway plan set for 2012
A runway extension at Birmingham Airport could be completed by 2012, opening the doors of the West Midlands in time for the London Olympics.
A huge surge of Olympics visitors, including teams using Midland facilities to train, could pump millions of pounds into the region's economy.
Birmingham International Airport still has to secure planning permission from Solihull Council for the scheme, but its expansion plans have now been backed by the two companies bidding to buy nearly half the shares in BIA.
The Ontario Teachers Pension Plan and Victoria Funds Management, from Australia, have agreed to enter a formal agreement to build the 400 metre extension to Birmingham's 2.599km runway.
The £120 million project, running across the A45, would put Birmingham Airport on a par with its Manchester and London rivals, allowing non-stop long haul flights without the need for refuelling.
Birmingham City Council's cabinet yesterday met to back the £420 million sale of 48.25 per cent of shares, with the runway set to boost the West Midlands economy by £1 billion with 16,000 new jobs by 2030 according to council figures.