Flybe shareholders have agreed to sell the company to the Connect Airways consortium led by Virgin Atlantic and Stobart Air.
The group’s Board had earlier warned that if the deal was rejected they would be forced to wind up the airline.
The Board of the troubled airline also snubbed a rival bid from investors including US airline Mesa Air Group and backed by former Stobart boss Andrew Tinkler.
Connect Airways has already bought Flybe’s assets and operations for £2.8 million.
Shareholders have now voted to approve Connect’s offer of £2.2 million for the remaining shell company, equal to 1p per share.
At a meeting on Monday, the deal was approved by 63% of shareholders.
The sale is expected to go through on March 11.
