Manston airport is to shut with the loss of up to 150 jobs after its owners failed to find a buyer.
The loss-making Kent airport will close next week after a US firm’s offer to buy the site was rejected on Monday and another bid fell through in April.
Scottish businesswoman Ann Gloag, who co-founded the Stagecoach Group, bought Manston Airport for £1 last year.
US firm RiverOak Investment said it had made an offer to acquire 100% of the shares in the company that owned the airport.
But an airport spokesman told the BBC there had not been “a viable alternative” to allow the airport to remain open.
Consultation with staff over the possible closure of the airport started in March.
The airport spokesman said it had considered business proposals put forward by staff but those would have still required losses to be subsidised.
“In the absence of other options, the decision has been taken to close the airport on May 15,” he said.
“Individual consultation will now take place with all staff members who will be supported through this process.”
Staff were told of the decision to close the airport at a meeting on Tuesday morning.