Flybe / Stobart
There will be an element of shared risk here. But there can be no doubt that Stobart are the ones who will be damaged badly by failure. Flybe are probably in a position to say, oh dear - never mind and move on if it all goes pear shaped. But why would they want that to happen? No point in striking deals with anyone if there's nothing to gain (and nothing to lose).
What we know already is that the routes will be marketed and tickets sold by Flybe. So obviously whatever media are selected it will be the Flybe brand on show.
Who writes the cheques to cover all this is unknown, but somebody has to and it won't be cheap.