Serious Ryanair Rival
Financier Dermot Desmond is said to be in advanced discussions to set up a low-cost airline to challenge Ryanair.
He is reported to be in talks with several Northern Ireland businessmen with regard to setting up the airline, which would challenge Ryanair on routes between Ireland and Continental Europe, according to a report in the Irish Independent.
Desmond is expected to emerge with 30pc of the company.
In return, Desmond will put up much of the E30-E40m in start-up capital which the new airline will require.
David Keys, the Northern Ireland property developer behind the planned venture, will also put up a substantial amount of the start-up equity and will retain 51pc of the company.
The remaining 19pc will be split between a number of small investors and senior employees.
The new airline is expected to be launched in November and will begin flying in June of next year.
it will be interesting to see if this new Airline goes Boeing or Airbus and if its Boeing there may be a mass exodus and Ryanair Management will wonder Way ??. Hopefully Desair comes to fruition and gives MOL a run for his money.
Cliste