Doncaster Sheffield Airport ( former Robin Hood Airport) is at risk of closing down. The airport is only 16.8 miles away from Gainsborough via the A631.
The board cited recent problems including Covid-19 and the impact of airline Wizz Air cancelling flights.
It said a six-week consultation into its future will be carried out.
Don Valley MP Nick Fletcher warned closure would result in 800 jobs being lost and said he would “do all I can” to keep the airport open.
Meanwhile, regional mayor, Oliver Coppard, has called for an urgent meeting with council leaders, while Shadow Transport Secretary Louise Haigh has urged the government to step in.
The site, part of Peel Airports, handles more than a million passengers annually and flies to 50 destinations.
In a statement, Doncaster Sheffield Airport (DSA) and the Peel Group said it had “never achieved the critical mass required to become profitable”.
It called a shortfall in passenger numbers a “fundamental issue”, with the withdrawal of Wizz Air flights leaving TUI as the airport’s only airline with aircraft permanently based on site.
TUI said its holidays and flights from the airport were operating as normal and will update customers when more information is available.
Robert Hough, chair of Peel Group’s airports, said: “Despite pandemic-related travel restrictions slowly drawing to a close, we are still facing ongoing obstacles and dynamic long-term threats to the future of the aviation industry.
“The actions by Wizz Air to sacrifice its base at Doncaster to shore up its business opportunities at other bases in the South of England are a significant blow for the airport.”
When approached by the BBC, Wizz Air declined to comment.
The airport was acquired by the Peel Group in 1999 and opened as an international commercial airport in 2005.
Following the news, DSA passengers have been told to arrive and check in as normal and have been assured they would be contacted “in good time” should there be any flight disruption.
Conservative MP Nick Fletcher, whose Don Valley constituency includes the airport, said he would “leave no stone unturned” in his efforts to stop the airport closing.
He said: “The mayor in Teesside bought their local airport from Peel Holdings, can we do the same – or maybe another private investor?
“All options must be considered, we must do all we can to keep Doncaster Sheffield Airport open.”
Sheffield Heeley MP Ms Haigh said she has written to Transport Secretary Grant Shapps asking for steps to be taken to secure the future of the airport and is calling for Peel Group to reconsider the move.
She said: “The announcement from Peel Group is extremely worrying for jobs and investment in South Yorkshire – Peel must not renege on the ambition that has been set for our airport and our region.
“The government has completely failed to support the aviation sector as we recover from Covid, and jobs have been lost as a result.”
GMB have launched a petition to save the airport and 800 staff. You can view the petition here: https://www.megaphone.org.uk/petitions/save-doncaster-sheffield-airportMore information on https://www.bbc.co.uk/news/uk-england-south-yorkshire-62149511
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