Stelios loses his grip on easyJet after 26 years

Sir Stelios has repeatedly clashed with easyJet’s management over plans to expand the airline. 

After easyJet tapped shareholders at the start of the pandemic, he warned he would not back the board if they returned to the market to ask investors for more cash. 

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

Some 93pc of shareholders backed the £1.2bn rights issue, put in place to pay down debt and capitalise on the problems facing “legacy” carriers such as British Airways. 

EasyJet’s position has been strengthened in the last week after BA’s plan to launch a new short-haul airline at Gatwick were scuppered by its pilots voting down the proposals. 

BA will continue to operate long-haul services from the airport, but it is unclear if it will sell the Gatwick landing slots or transfer them to another IAG airline such as Aer Lingus or Vueling.

Shares ended 2.7pc lower at 690p, valuing the company at £5.2bn. The stock was at 412p at this time last year.