A bid by Galway Airport management to buy out the majority shareholding at the Carnmore facility has been rejected by Galway Chamber of Commerce.

The chamber, which holds almost 90 per cent of the shares, has said that it believes that an ownership change to its subsidiary, Corrib Airport Ltd, "should not be made in the absence of the implementation of a cohesive strategy for regional access, which is vital for the ongoing and future development of Galway and the region".

The chamber said in a statement that, "on this basis", it had decided to retain its existing shareholding in the airport.

The management team which had initiated the bid is headed by airport general manager Mr Jarlath Feeney, who is former chief executive of Galway Chamber of Commerce.

Passenger numbers at the airport grew by 27 per cent last year, while overall traffic grew by 30 per cent - compared to 17 per cent for Cork and 2 per cent for Shannon. However, there is some concern over the future of the Galway-Dublin State-subsidised service, run by Aer Arann, following a review of public service obligation routes by the junior Minister for Transport, Dr Jim McDaid.

Apart from the Dublin link, there are also twice-daily flights to London from Galway, and daily services to Manchester, Edinburgh, Birmingham and Glasgow.

Mr Feeney could not be reached for comment over the weekend on whether he would remain with the airport following the rejection of his proposal.