Peel Airports Limited has sold its 75% majority share holding in Durham Tees Valley Airport to Peel Investments (DTVA) Limited.
The move will allow the airport to continue operational activities without change to workers or airlines.
The remaining 25% shareholding will stay with the six local authorities.
Stockton South MP James Wharton said: “We all want to see Teesside continue as a passenger airport and be as successful as possible.”
Peel Investments has been involved in the airport through its 35% share of Peel Airports Limited, which it retains as PAL continues to be a major shareholder in Liverpool John Lennon Airport and Robin Hood Airport in Doncaster.
The remaining 65% ownership of Peel Airports Limited is held by Vantage Airport Group which is now no longer involved in Durham Tees Valley Airport.
Stockton South MP James Wharton said: “Hopefully Peel Investments will now be able to make a success of this important piece of our regional transport infrastructure.
“We must all now pull behind the new owners and encourage them to ensure it becomes the commercial success it should always have been.”
Peel Airports Limited has been asked by the Peel Investments to act in an advisory role to assist with the day to day operations at the airport.
Peel Investments is owned by the Manchester based Peel Group.