easyJet founder, Sir Stelios Haji-Ioannou, offered to drop the dispute over the use of the "easy" brand if it agrees to pay GBP3 million a year in royalties (Breaking Travel News, 24-May-2010). The payment would equate to 0.1% of the airline’s annual revenue. The dispute is over an agreement in 2000 where easyJet retains 75% of revenues, while easyGroup, owned by Mr Haji-Ioannou, would retain 25% of revenues made from additional or non-core services. Mr Haji-Ioannou, controls 38% of the carrier. He made the proposal to the board in Apr-2010 ahead of a High Court battle due to commence 08-Jun-2010.
25-May-2010 11:21 AM