He may be the entrepreneurial hero, but even ultra-rich man Richard Branson is having second thoughts about the future of his special aviation baby, Virgin Atlantic.
In a recent statement he said, while not what he would prefer to do, the time has come when must sell even his controlling stake in the airline.
He has been following the trends and they are all about big airline mergers. He especially became concerned with fellow country carrier British Airways go permission from United States authorities to operate full code share flights with American Airlines and run the transatlantic portion of their businesses as joint partners so to speak.
Branson realized that for perhaps the first time he might be behind rather than ahead of the wave of change.
Saying of his airline of over a quarter century “My preference would be to keep control of the airline, but we realised for the long-term stability of Virgin Atlantic we needed to look at an alliance partner, and whether it is purely an alliance or more than an alliance we are completely undecided,”
It is report that after the BA/AA decision last year, Virgin Atlantic went to Deutsche Bank and asked them to review its position in the market.
Branson and his Virgin Group up to now have owned the necessary 51 per cent stake in the carrier to keep control. The remaining 49 per cent held by Singapore Airlines.
It’s a good thing that Branson has control of the universe with his commercial outer space program or might be wondering what to do with his spare time.
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