Virgin have full ownership just like Tiger.
The contracts are tied to Virgin so it’s up to Virgin if they want to throw these away. It’s guaranteed income so would make no sense.
The extra cost of operating these routes with the 737 vs a old F100 is well offset by removing everything single thing that is tied to the Virgin Regional name. Down the last paperclip.
Get ready for a very lean 737 operation folks with sky high margins.