BBC News - Bea Swallow & Carmelo Garcia
Gloucester City Council and Cheltenham Borough Council are looking for new owners for the Staverton airport.
The site has been run by Gloucestershire Airport Ltd since 1993, in which both councils have a 50% shareholding.
Council leaders say they are committed to preserving the airport as a centre for aviation.
Questions about the airport's future were raised at a Gloucester City Council overview and scrutiny committee meeting on Monday, amid claims council leaders were considering selling the site before Christmas.
Gloucestershire Airport Ltd has a 999 year lease on the site and manages both commercial and aviation-related activities.