Politicians have voted in favour of buying the Isle of Man Steam Packet.

It follows a lengthy debate in Tynwald yesterday.

Treasury Minister Alf Cannan asked the court for approval to spend ?124 million on purchasing 100 per cent of MIOM Ltd – the parent company of the Steam Packet.

Having a controlling interest in the Island's ferry services and assets is considered the best way to support the needs of local people and the economy.

Last year Tynwald voted to reject the Steam Packet's revised offer of a new strategic sea services agreement which would have replaced the User Agreement.

Government says it will seek to put in place a new strategic sea services agreement within the next 12 months.