East Mids
BMI might not have the money and LH or SAS might not want to fund this purchase but BMI's Board of Directors might have the money to buy it separately and then potentially later merge the two, Sir Michael has ran airlines separately from BMI before if my memory is correct and am not sure what the competition rules might be on the No2 LHR carrier being a franchise operator for the No1 (BA) so he may have to keep the two separate for now - thats if the franchise were to remain.