Branson pushes for ownership stake in relaunched Virgin Australia

Virgin Australia's billionaire co-founder Richard Branson wants to invest up to A$100m in the collapsed airline to maintain a minority ownership stake alongside one of two private equity bidders when it emerges from administration. Branson's Virgin Group owned 10% of Virgin Australia when the coronavirus pandemic grounded its fleet and forced it into voluntary administration in April owing $6.8b. The Virgin Group has signalled it wanted to "play a role" in the airline's future but it has not been clear if that would include owning some of the carrier, or simply maintaining the Virgin brand and the associated licensing fees, which were around $15m a year. With the race to buy the airline this week narrowing down to two contenders - Cyrus Capital Partners and Bain Capital - sources close to Virgin Group and the sale process confirmed Branson's investment vehicle has told both bidders it wants to invest alongside them and own a stake in the carrier. Branson's group has flagged it would be willing to inject $50-$100m into the new company, according to two sources, giving it a stake of around 10% to cement its ongoing involvement, secure a seat on the board and give it a level of influence over the airline's strategy, the sources said.<br/>