Play Looks for Investors

Founders of the airline Play, from left, Þórodd­ur Ari Þórodds­son, …

Founders of the airline Play, from left, Þórodd­ur Ari Þórodds­son, Bogi Guðmunds­son, Arn­ar Már Magnúson and Sveinn Ingi Steinþórs­son. Jónasson/Hari

Vala Hafstað

Representatives of Play, the recently founded airline in Iceland, are attempting to bring together a group of investors from the Icelandic travel industry, in hopes that they will invest in the company, Morgunblaðið reports. A meeting with the owners of financially strong businesses in the travel industry is planned in the coming days.

So far, getting investors on board has proceeded slowly.

The plan is to have Icelandic investors contribute EUR 12 million toward the new airline, which would give them a 50 percent stake in the company. The other 50 percent would be owned by the founders. 

Investors Morgunblaðið interviewed suggest that the founders may have to reconsider their demand to keep a 50 percent stake in the airline, due to the expensive and risky nature of the airline business. It is not known whether the founders intend to revise that plan prior the meeting soon to be held.

An air operating license has not yet been issued – something that experts in the industry explain by the difficulties encountered in getting investors on board.

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