History was made as Tynwald voted to take the Steam Packet into public ownership.

Following a three hour debate, Tynwald voted by 23 votes to one in the Keys and unanimously in LegCo to acquire the ferry company for £124.3m.

The only member to vote against was LibVan leader Kate Beecroft.

Under the deal, negotiated between Treasury and the Packet’s bank and hedge fund owners, government will acquire a 100% shareholding of parent company MIOM Ltd using £124.3m of cash reserves.

Some £76m will appear in the accounts as a loan.

Government will look at options to restructure that loan.

The state-run company will be run at arm’s length to government, as far away as possible from political interference.

Treasury Minister Alfred Cannan said the time was right to act.

He told the court: ’This is government taking action in the national interest on behalf of the people of the island.

’This is more than just a company – this company is a national asset.’

Mrs Beecroft contended there were other options that should be considered. ‘I think it’s the wrong time and £124m certainly seems to be the wrong price.’

‘We can’t discuss the valuation as it is confidential,’ she added, claiming other industry insiders suggested the value was more like £50m to £70m.

Mrs Beecroft criticised the short length of time Tynwald had been given to consider the proposal.

And she tabled an amendment calling for CoMin not to sign any agreement with the Steam Packet until all other options had been debated and decided in Tynwald.

Home Affairs Minister Bill Malarkey said it was a ‘blue riband’ day for him, having campaigned for such a move for almost eight years. ‘I feel quite emotional,’ he admitted. ‘You have the chance to make history here.’