BAA has lost its appeal against a ruling forcing it to sell Stansted.
The tribunal ruling is the latest stage in a legal battle dating back to 2009, when BAA was first ordered to sell several airports including Gatwick.
The airport giant said that it was "disappointed" by the latest legal ruling and was weighing up whether to continue fighting.
The Competition Commission originally ordered the break-up of BAA, arguing that different owners would create rivalry, eventually leading to lower prices and better service for passengers.
BAA has already sold Gatwick for pounds 1.5billion to Global Infrastructure Partners, the owners of London City Airport, and is now trying to offload Edinburgh.
Stansted handled 18.3 million passengers in 2011, making it the UK's fourth busiest airport. It also employs 10,200 staff.
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