Chicago has postponed its sale of Midway Airport after the consortium looking to buy it failed to raise financing, the Wall Street Journal has reported.

The consortium comprising of Citi Infrastructure Investors, JohnHancock Life Insurance and Vancouver Airport Services has already paid a non-returnable $126m deposit to the city, according to the paper.

It is thought that the consortium – known as the Midway Group – will compete with bidders for London’s £2bn sale of Gatwick airport, enforced by the UK’s Competition Commission.