The American investment company that was trying to acquire the former Manston site and re-open it as an airport has ended its involvement.

A new UK-based company headed by Tony Freudmann, who was working with the American company, said in a statement that the American-based RiverOak Investments had sold its rights and interests to a new company he was heading.

“In December 2016 Riveroak Strategic Partners Limited (RSP), a UK registered company, purchased all rights and interests in the Manston project from RiverOak Investment Corp. RSP has kept the same professional team including lawyers and all other consultancies.”

The development coincides with a planning inquiry into the change of use of four buildings on the site. The inquiry is examining the change of use for non-aviation purposes. Thanet council has withdrawn its opposition, leaving RSP as the principal objector.

The new company has two directors who were formerly with RiverOak Investment Corp: George Yerrall and Niall Lawlor. Another director Gerhard Huesler is listed as a Swiss banker.

It has underlined that it is “properly resourced” to continue its efforts to reopen Manston.

Its website describes the company’s key aim as “reviving Manston Airport as a successful and profitable airfreight hub, of national significance, with complementary passenger and engineering services.”

It also makes clear that it is continuing with the plan to secure a Development Consent Order for the site and has retained the lawyers taking on the case. If a DCo was granted, it would allow the site to be re-opened as an airport on the grounds that it is a nationally significant infrastructure project.

In 2015, Thanet council decided it would not join up with RiverOak to acquire the Manston site under a Compulsory Purchase Order (CPO) saying it did not have enough assurances about the company’s finances.

It has since effectively scrapped its commitment to try to open Manston as an airport after consultants commissioned to examine the case said it was not viable.

Current owners of Stone Hill Park want to redevelop the site for housing and businesses.