Sort of agree, Groundloop - but the difference is that Ryanair don't employ the crew and then give them to the wet lessor doing their flying....
If I were a cynic, a few questions spring to mind...
1. How much funding has this got?
2. How much will it need (answer - pots, this is the airline business, and they are starting a new route with no history, no airline experience, and they are taking all the ticket risk - since they are going to pay the lessor whether they have any pax or not)
3. If points 1 and 2 are not aligned, where is the money coming from?
"Yes, please sign on the dotted line, and we'll get you a TR. Thanks for the cheque. We'll send your details across in three months when you have passed to our flight provider...."
Calling Wee Weasley Welshman.... bet he will have some pithy and accurate thoughts on this....
TA