Branson, Bain at loggerheads over Virgin stake as QLD seals investment

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Richard Branson's Virgin Group and Bain Capital are at loggerheads over how much of a stake in Virgin Australia the private equity firm is willing to give the airline's British billionaire co-founder | pwhatch LydiaLynch101

and has said it wanted to maintain a similar stake under any new owners.

The Virgin Group has the leverage of the iconic Virgin brand, for which Virgin Australia was paying it an annual licence fee of about $15 million. Bain is also negotiating a new licensing agreement, without which it will face the significant cost of rebranding the carrier. Queensland Treasurer Cameron Dick said on Monday that the state-owned Queensland Investment Corporation would sign a 10-year deal with Bain on Tuesday, before the government enters caretaker mode ahead of the state election on October 31.

 

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pwhatch LydiaLynch101 Give this leech absolutely nothing. richardbranson was happy to walk away from VirginAustralia when they went into Administration earlier this year offering staff a signed photo of himself, now he wants his fingers back in the pie to cash grab. This grub never gives up 🤬

pwhatch LydiaLynch101 I thought Branson could only get what he can pay for. Or is this not how it works?

pwhatch LydiaLynch101 Should have kept the Tiger name and dumped Virgin. Then they wouldn't have to pay him royalties for the name.

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