Doncaster Sheffield Airport (DSA) is to close due to “a fundamental lack of financial viability”.
Peel Group, which owns the airport, said the site would wind down from October 31.
It added that following a strategic review “no tangible proposals” had been received regarding the ownership of the airport or “which address the fundamental lack of financial viability”.
“High fixed costs” linked to running a “safe, regulated airport” were also blamed by Peel Group for the decision and that a “break-even business plan” could not be identified.
It added that it would continue “to work closely with airport customers and other users to explain the impact of this service reduction and work with them to minimise the disruption to their operations and customers”.
Last Friday, South Yorkshire’s political leaders offered public money to keep DSA operating into 2023.
The airport employs around 800 people and Peel Group confirmed it was in contact with union representatives.
Following the withdrawal of Wizz Air from the hub, an appeal was launched by local politicians to keep the site open in the summer.
Announcing the decision to wind down the airport today (September 26), Peel Group chief executive Steven Underwood said: “We understand that our announcement will be difficult to hear for the Doncaster and wider South Yorkshire communities in which we have worked and invested for over two decades.
“However, as has been seen many times before in industries undergoing structural change, although change brings uncertainty it can also bring significant opportunity.”
Underwood warned that accepting funds from the South Yorkshire Mayoral Combined Authority (SYMCA) would have “postponed the inevitable for another 13 months” but it would “divert funds away from services on which communities throughout South Yorkshire rely”.
Chairman of the Peel Airports Group, Robert Hough, said: “We recognise that this will come as a great disappointment to many. Our employees have always been DSA’s greatest asset and we are grateful to them all, past and present, for their dedication and diligence over the years. The immediate priority remains to continue engaging closely with them over the next few weeks.
“As such, DSA will now begin a formal process of consulting with team members.”
He added: “We will do everything we can to minimise the impact of these proposals and work closely with local authorities and agencies to support our employees through what we know will be an extremely difficult period.
“DSA has remained in contact with union representatives on site throughout and we are committed to ensuring they are updated through every step of this next phase.”
Tees Valley mayor Ben Houchen, who saw off Peel over a similar closure plan at Teesside International, said: “My heart goes out to staff at Doncaster Sheffield Airport, with hundreds of jobs now at risk due to this unfortunate announcement, and to those local people who have lost their airport on Peel’s watch.”
Data compiled by aviation analytics firm Cirium show that in pre-pandemic 2019 the airport recorded 4,609 departures – equating to nearly 750,000 seats, most of which taken by Wizz Air and the former Flybe.
A total of 1,817 flights were scheduled to depart Doncaster-Sheffield Airport last year, with Wizz Air being the largest operator, followed by Tui and BH Air
Bucharest was the most popular destination with 171 departures, followed by Tenerife South (141 flights) and Lanzarote (127 flights)
This summer (July to August), the airport saw 808 departures – with Wizz Air and Tui being the largest airlines.