Thousands of new jobs could be created over the next decade as part of a massive expansion of the former Teesside International Airport, bosses have revealed.

The first flight to land at the newly-named Durham Tees Valley Airport touched down yesterday afternoon, launching a new era in North-East aviation.

The new name and logo will spearhead an intensive programme of redevelopment that could see up to £50million invested in the airport over the next five years.

At a VIP ceremony to mark the re-branding, Durham Tees Valley managing director Hugh Lang revealed the full extent of the new-look airport's ambitions.

He said the airport was expecting to handle three million passengers a year by 2015.

It presently takes 700,000 a year, but Mr Lang revealed that for every extra million passengers the airport grew by, up to 3,000 new jobs would be created - directly and in other spin-off areas.

The new positions would mainly come in areas such as passenger check-in, baggage handling and airport services.

A planning application for the refurbishment of the main terminal - to create a 28,000 sq ft, three-storey building - is expected to be submitted to Darlington Borough Council in October.

Other redevelopment plans include nine additional aircraft stands, about 2,500 extra car parking spaces and a new cargo and maintenance village.

Mr Lang insisted that ditching the Teesside name would have huge benefits for the airport and the region.

A city name was seen as crucial to raising the airport's profile across Europe, he said.

"One of the most damning statements from the airlines was that the Teesside brand had limited the growth of this airport over the last ten years," said Mr Lang.

"I understand the controversy about the name and it is important that people feel strongly enough about it to debate it, but the world has moved on.

"The Teesside brand is not competitive enough for what we want to achieve."

He added: "This is the initial stage of a five-year plan. We believe in this airport and we are prepared to take a financial risk."

Alistair Arkley, chairman of Tees Valley Partnership, said: "A thriving and expanding airport is key to our economic regeneration.

"We need the commitment of the airlines and they clearly see the new name as an important factor in enabling them to expand their services."

An advertising campaign to promote the new brand will be launched soon.

Yesterday's launch event created history, as more than 100 VIP guests set off on the last flight to leave Teesside Airport - and the first to land at Durham Tees Valley.