#FerryNews- The Manx Treasury chief has put pen to paper to seal multi-million pound takeover.

IOM Today reports that the Government has completed a deal to purchase the Steam Packet Company.

Tynwald members overwhelmingly supported the £124m of what Chief Minister Howard Quayle described as a 'once-in-a-lifetime opportunity'.

Treasury Minister Alfred Cannan has now signed the formal agreement which will see control of the Island's sea services shifted to Government.

Mr Cannan says the move is aimed at providing long-term stability to the ownership of the Island's lifeline ferry operations.