Shoreham Airport could pass to its second private owner in less than a year - casting doubt over a guarantee that runway expansion is not on the agenda.

Erinaceous, the Croydon-based property company which bought the airport for £8.6 million last summer, has entered talks designed to lead to a takeover bid.

Rival private equity firms Bridgepoint and 3i are understood to be competing in £375 million management buyout of the company, which has performed below expectations since it took over the airport.

Erinaceous has seen its share price plummet since The Argus revealed it was being investigated over an alleged £10 million fraud scandal involving overvaluing of properties by staff at a subsidiary office. The company also announced major debts earlier this year.

The implications of the takeover, which is still in its early stages, could be profound for the local area.

Erinaceous had dampened speculation that it intended to extend runways and use large jets at the airport, which local residents said would lead to increased noise and pollution.

But a takeover involving private equity firms, which often adopt aggressive business plans after completing buyouts, could change that.

Erianceous would only confirm that it had received approaches from other companies.

A statement from the company said: "The board of Erinaceous Group plc has received preliminary approaches which may or may not lead to an offer being made for the company."

There have already been a number of changes at the airport since the Erinaceous takeover.

Redevelopment plans for the art deco main terminal have been submitted to Adur District Council while new managers have been employed and runway dimensions have been changed.

Charges for tenants have also been put up and some charges are to be introduced for previously free parking spaces near the main terminal.

A new train platform planned by Erinaceous could now be in jeopardy if the takeover deal goes through.

But Airport manager John Haffenden said: "The development plans are ready for submission to the planning committee at Adur District Council and exciting times are just around the corner."

An area to the north west of the airfield where substantial ground works have been carried out during the last few months is also due to reopen this spring for helicopter pilot training, Mr Haffenden said.

He told The Argus "This will be for helicopters requiring hovering and will be used as a helicopter training area and transit location."

Erinaceous was chosen as the preferred buyer of Shoreham Airport by its previous owners Brighton and Hove City Council and Worthing Borough Council last year.