Bosses at Prestwick Airport advised the Scottish Government to knock back a bid which would have seen the flight hub sold to the private sector.
Kate Forbes, the Scottish finance secretary, told MSPs how ministers had received approaches from “credible” investors for the site.
But she said that after considering “a recommendation from the Prestwick board” and separate independent advice, the decision was taken not to move forward with a sale.
The airport has been in public ownership since 2013, when the government paid just £1 to buy the site from New Zealand firm Infratil.
But loans worth close to £50 million have since been plunged in from the public purse to help keep the airport running.
Ms Forbes cited commercial confidentialty when refusing to expand on details around why any potential interest had not been taken further.
South Scotland Labour MSP Colin Smyth was among those to lead criticism and said: "A decade after buying Prestwick the Scottish Government still has no plan for the future of the airport."
But Ms Forbes said: "We were pleased that the recent sales process attracted bids from credible investors and very detailed and extensive work was done by all parties involved.
"However, following careful consideration of a recommendation by the Prestwick board we took the decision not to proceed with the sale at this time.
“Our intention for Prestwick Airport is still to return it to the private sector at the appropriate time and opportunity but any decision must be informed by what is right for the long-term success of the business and the contribution it makes to the local economy.”
A Swedish freight offshoot firm was linked with interest in the site and potential investment worth £70m in new rail links and hangars.
But Ms Forbes described much of the speculation as “inaccurate” and added: “The bid did not at this point in time represent the value for the taxpayer we are looking for.
“We need to be confident that any sale would not only represent that value for the taxpayer but also puts the business on a firm footing going forward.
“The long-term commercial sustainability is important. The business needs to develop to support jobs and the economy.
“In the most recent sale process we were not satisfied on the basis of independent advice that those objectives had been met.”
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