Chamber of Commerce and Industry has been approached by the management team of Galway Airport in relation to a proposed buy-out of the Chamber's majority shareholding in the facility.

The Chamber has an almost 90 per cent majority shareholding of the facility, located at Carnmore, which is said to be the fastest- growing regional airport in the Republic. No price has been disclosed.

The management team, which includes general manager Mr Jarlath Feeney; operations manager Mr Tony Gibson; financial controller Ms Louise Leonard; and head of marketing and route development Mr Peter O'Mara, have made an approach to the Chamber to acquire its shareholding in Corrib Airport, trading as Galway Airport.

Mr Feeney confirmed that they had made an approach to the Chamber and were awaiting its response.

"We want to acquire the Chamber's shares by way of management buy-out should the Chamber be interested in disposing of them," he explained.

When asked about the reason for making their buy-out approach at this time, Mr Feeney said he did not want to comment any further until the Chamber had had a chance to respond.

He said he did not want to conjecture about the possible plans the management team had for the airport if their buy-out was successful.

The Chamber's chief executive, Mr Michael Coyle, confirmed that it had received an approach from the airport management team. He said it would consider the proposal very carefully and respond to it in due course.

"The Board of the Chamber of Commerce was elected by our members, so it is a very democratic organisation. We have some very experienced business people on the board, so I am confident that at the end of the day they will bring their experience to bear in making a professional and responsible response."

Mr Coyle admitted the approach from the management team had come as a surprise.

He said he had not anticipated or solicited the offer.

"The Chamber has been very committed to the airport over the years, but in business, if somebody makes an approach like this, you have to consider it. I cannot anticipate when the process will be completed," he said.

He pointed out that the number of flights and destinations available at Galway Airport has risen steadily over the past few years as had the numbers of passengers using the services.

Galway Airport is the fastest growing regional airport in Ireland, with passenger numbers up by almost a third last year.

Scheduled passenger numbers through the airport grew by 27 per cent last year, while overall traffic grew by over 30 per cent . In comparison, Dublin Airport recorded 5 per cent growth, Cork 17 per cent and Shannon 2 per cent .

As well as a Galway-to-Dublin service which operates five times daily, there are twice-daily flights to London and daily services to Manchester, Edinburgh, Birmingham and Glasgow.