SHAREHOLDERS at a North-East airport are on track to appoint a private partner by early next year.

A committee at Teesside International Airport is overseeing the appointment of a private sector "strategic partner" to encourage investment and help its long-term development.

The shareholder authorities - Durham County Council, Hartlepool, Redcar and Cleveland, Middlesbrough and Stockton - hope the extra-investment will provide improved facilities and maximise the airport's potential.

They believe that there will be a great deal of interest from companies wanting to be involved in the development.

Speaking after the committee's first meeting, its chairman, Councillor Bob Gibson, underlined what he described as the "crucial importance of finding a new partner with the resources, the expertise and the commitment to continue the remarkable success of our airport".

He said: "All shareholders, together with the board and the management of the airport, are united in believing that this is the right way forward for Teesside International. It has achieved success in recent years and we now want to build for the future.

"Work undertaken by the management, supported by consultants appointed as part of the partnership agreement with One NorthEast, has identified the key projects needed to deal with forecast growth to 2015 and beyond - involving infrastructure, buildings and land.

"In order to deliver these projects we believe it is important to seek the involvement of a private sector partner on a long-term basis-and indications so far are that there will be considerable interest from leading companies in the field."

The airport has invited expressions of interest which they will monitor until mid-October.

It will then identify a shortlist of organisations which will be asked to put forward detailed proposals, with the aim of identifying a preferred bidder by the turn of the year.

The airport announced in June that it was aiming to branch out into the private sector in a bid to encourage investment. The move could see the stakeholder authorities giving up some of their shares in the airport.

Increasingly, a number of regional airports are turning towards public private partnerships as a way of bringing in new investment.

Last year, Newcastle Airport announced a £200m partnership deal with Denmark's Copenhagen Airport.