Gloucestershire Airport is to be brought back to market, with Savills appointed to lead a renewed sales process.
Cheltenham Borough Council and Gloucester City Council say the decision follows a review and fresh approaches from interested parties.
The councils say securing a new owner is the best way to deliver long-term investment and sustainable growth for the airport.
An earlier sale process ended after the councils were unable to reach agreement with their preferred bidder.
Gloucestershire Airport remains fully operational and continues to support businesses, employment and regional connectivity.