Welsh government buys Cardiff airport for £52m

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The Welsh government has completed its purchase of Cardiff airport from TBI, paying £52 million ($79 million) for the gateway.

Welsh first minister Carwyn Jones says the airport will not be operated by the government, but will instead be "managed at arm's length...on a commercial basis".

"Over time, I expect to see a return to the public purse on the investment," he adds.

Cardiff airport posted a loss of £319,000 in 2011, compared with a £1 million profit in the previous year.