A 'new airline' is just about the last thing Coventry needs - start-up airlines an absalute nightmare.
They need a recognised, profitable, branded airline with routes that are not competing in any way with BHX or for that matter East Mids. That's quite a tall order.
With airlines as risk averse as they've ever been, who would take a punt on this front today? All the regionals are going for the safest options on proven routes at established airports where they are not being kicked in the teeth by Ryanair or others with similar philosophy.