The chairman of BMI British Midland, Sir Michael Bishop, told BBC Radio 4's Today programme that change was long overdue.
Would-be entrants to the market, such as British Midland (see article), should now be able to buy slots as necessary.
Donington is the home of British Midland and of Sir Michael Bishop, the otherwise unostentatious chairman and majority owner of British Midland.
But in the past few weeks the company shares have slumped after the withdrawal of BMI British Midland services from Belfast International Airport.
Other airlines such as Delta, Continental, NorthWest and British Midland want to join this mini-cartel, which has kept transatlantic business fares from Heathrow as much as 50% higher than those from other European airports.
This latest offer represents a premium of just 6% to the firm's closing share price on 1 August, before BMI British Midland's "surprising" decision to withdraw Heathrow and East Midlands services from Belfast International, part of the TBI portfolio.
One of the worst recent incidents in the UK involving a Boeing was in January 1989, when a British Midland Boeing 737 bound for Belfast crashed onto the M1 near the village of Kegworth in Leicestershire, killing 47 people.
At the same time, talks have been going on over the possible sale of a stake in the UK's second-biggest airline, British Midland, and reports in a German newspaper say Lufthansa is about to announce that it is taking a 20% share.
Although British Midland was founded in 1965, Sir Michael's story really dates back to 1980 when he bought the former seat of the earls of Huntingdon because he wanted to expand and could ill afford bigger offices at the nearby East Midlands airport.
They're all under his holding company, Midland Resources, registered in the British tax haven of Guernsey.
The ruling will most likely accelerate the boom in ethanol production in the United States, which has attracted massive investments in the past few years from companies like British Petroleum, DuPont, Cargill and Archer Daniels Midland.
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