Teesside International Airport is crucial to the prosperity of the North-East.

If the sub-region is to compete in the global economy, it must have transport links which enable it to deliver world-class business services.

Under the ownership of the five nearest local authorities, the airport's development was being stifled and those councils were right to sell their controlling stake to Peel Airports.

The deal has triggered a £20m investment which will open up a brighter future for the airport, with improved access, car parking and a more modern look.

But what of the name? If we are ever to take the "Tees Valley" brand seriously, the airport cannot go on being called Teesside.

All kinds of options have been considered. Believe it or not, one of them was New York Airport. Why? Because it's half-way between Newcastle and York. We kid you not. South Newcastle was also in the frame but, mercifully, was thrown out.

Unlike Liverpool, where Peel gave John Lennon's name to the local airport, the Tees Valley does not have an iconic figure it can call its own, although Captain James Cook was considered and rejected for failing to present a modern image.

That leaves us with the preferred option - Durham-Tees Valley. It is, to put it kindly, a bit of a mouthful.

But what is the alternative? Beyond the North-East, Tees Valley means nothing. Durham City, however, has international recognition on its side and is therefore a more attractive commercial proposition.

Durham Airport would be unacceptable to the local authority partners in the Tees Valley, which is how we arrive at the fudge of Durham-Tees Valley.

We do not particularly like it. But having placed the airport's future in the hands of a private operator with an impressive track record, Peel's knowledge of the aviation industry has to be trusted.

If the experts' view is that Durham-Tees Valley has the best chance of being commercially successful, and bringing new wealth to our region, then let's fly with it.