The Financial Times reports Branson’s Virgin Group will stump up the cash immediately, with another £400 million already having been committed by partner Delta Air Lines, which holds a 49% minority stake in Virgin Atlantic.
Another £250 million is being sought from private investors, with the rest of the cash coming from a variety of reliefs – including deferment of some regulatory fees.
Virgin is understood to have set an internal early July deadline for an agreement, according to Sky News.
Earlier this year, the UK government knocked back Virgin’s plea for state support, forcing the beleaguered carrier to look for private investment instead.
