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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