Stelios loses his grip on easyJet after 26 years

Sir Stelios has repeatedly clashed with easyJet’s management over designs to extend the airline. 

Right after easyJet tapped shareholders at the get started of the pandemic, he warned he would not back the board if they returned to the current market to ask buyers for additional hard cash. 

Sir Stelios declined to remark on the dilution of his stake in easyJet.

Some 93pc of shareholders backed the £1.2bn legal rights situation, put in spot to shell out down debt and capitalise on the issues struggling with “legacy” carriers this sort of as British Airways. 

EasyJet’s situation has been strengthened in the last week right after BA’s system to start a new short-haul airline at Gatwick ended up scuppered by its pilots voting down the proposals. 

BA will carry on to operate prolonged-haul solutions from the airport, but it is unclear if it will provide the Gatwick landing slots or transfer them to another IAG airline this sort of as Aer Lingus or Vueling.

Shares ended 2.7pc decrease at 690p, valuing the enterprise at £5.2bn. The inventory was at 412p at this time last year.