Crowdfunding Effort for 'Spirit 2.0' Airline Passes $437 Million in Pledges
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A crowdsourced initiative to purchase the defunct Spirit Airlines has garnered over $437 million in pledges. The effort, led by aviation enthusiast Hunter Peterson, aims to create a people-owned airline model. The project is performing legal groundwork ahead of a scheduled auction for Spirit's operating certificate.
Facts First
- A crowdsourcing campaign to buy Spirit Airlines has reached $437 million in pledges on the website letsbuyspiritair.com.
- The proposed 'Spirit 2.0' model would be people-owned without a corporation, overpaid CEO, or large shareholders.
- The total acquisition cost is estimated at $1.75 billion, with Spirit's operating certificate scheduled for auction soon.
- Organizer Hunter Peterson is performing legal groundwork and has consulted with attorneys, a law firm, and the Spirit Flight Attendants’ Union.
- No money has been withdrawn from pledgers' accounts; pledges act as placeholders for future funds.
What Happened
Aviation enthusiast Hunter Peterson launched a website, letsbuyspiritair.com, to crowdsource funds to purchase the defunct Spirit Airlines. The project, dubbed 'Spirit 2.0', proposes a people-owned airline model. As of the report, the website had received pledges totaling $437 million, with individual pledges ranging from $45 to $850. Peterson has met with the Spirit Flight Attendants’ Union and consulted with attorneys. He reported calls with a law firm specializing in mergers and acquisitions and aviation distress assets, which indicated the plan is doable, and with a representative for high-net-worth individuals regarding funding for legalities. No money has been withdrawn from pledgers' accounts.
Why this Matters to You
If you were left with unusable tickets after Spirit Airlines' sudden closure, this initiative could represent a potential future travel option. The proposed people-owned model might offer a different corporate structure for air travel. For aviation enthusiasts or individuals interested in alternative business models, the campaign provides a novel avenue for participation.
What's Next
The operation certificate for Spirit Airlines is scheduled to be auctioned in less than a week. The project's next steps likely depend on securing the full $1.75 billion required for the acquisition and successfully navigating the legal and regulatory processes to establish the new airline.