THE IW Airport, at Sandown, is to close within weeks — despite previous denials by its owners there were no plans to shut the facility.
It was announced this week by London-based owners Wharf Land Investments (WLI) that flight operations would cease on October 1 and the grass runways and taxiways would be decommissioned.
The company, which is chaired by former government minister David Mellor, last year quashed rumours the airport would be closed or sold in the forseeable future.
But managing director Mike Murray this week said the airport had been losing money for years and there was not enough aviation traffic on the Island to support two airports. He said there was insufficient demand to turn the airport into a commercial facility.
"Bembridge Airport has a hard runway so it’s a more reliable facility, and it’s subsidised by the Island’s aircraft manufacturer, Britten Norman. We just can’t compete," he said.
"General aviation fields such as Popham, Goodwood, High Wycombe and White Waltham are viable because of the number of resident flyers paying fees, and the associated spin-off business they generate. These airfields typically have more than 100 resident flyers, some far more. We have eight paying residents."
WLI is now working with the IW Council to explore possible future uses for the site, which could include turning it into a high quality leisure park — a suggestion put forward by the company when it bought the airport more than two years ago.
Mr Murray has said in the past the site could be used for housing but a council-commissioned feasibility study from 2007 found it was not suitable for large-scale industrial or residential development.