TL;DR
- Spirit Airlines is bankrupt and a crowdfunding campaign is underway to revive it.
- Hunter Peterson leads the effort, rallying over $337 million in pledges.
- Experts warn of significant regulatory hurdles ahead.
- The campaign aims for public ownership similar to the Green Bay Packers.
- Peterson has secured legal backing and support from flight attendants.
Spirit Airlines, the budget-friendly carrier that always sparked a love-hate relationship with travelers, is now in the graveyard of airlines. But hold on to your boarding passes, because a viral crowdfunding campaign is trying to bring it back from the dead. Yes, you heard that right! The audacious idea was sparked by Hunter Peterson, a 22-year-old voice actor and content creator, who saw the news of Spirit’s impending closure on May 2 and thought, “Why not buy it?”
Peterson took to social media with a pitch that was part joke, part revolutionary idea: if just a fifth of Americans chipped in $45 (the cost of a cheap Spirit flight), they could collectively own Spirit Airlines. His vision? To run it like the Green Bay Packers, the only publicly owned team in the NFL. And guess what? His joke turned into a rallying cry, and now he’s amassed a staggering $337 million in pledges from more than 370,000 enthusiastic supporters.
But before you start dreaming of flying for free, let’s pump the brakes a bit. Experts are sounding the alarm on the regulatory hurdles that could turn this dream into a nightmare. Charles Elson, a retired finance professor, pointed out that running an airline is a complex beast with many moving parts, from lenders to aircraft leases and union contracts. “You’ve got the lenders, the planes, the governmental entities that lease the space to the airline,” he explained. “It’s a nice idea, but I would be shocked if it ever became a reality.”
Columbia University law professor John Coffee Jr. echoed these sentiments, highlighting the lengthy and costly process of registering an airline as a publicly traded entity. While there are exemptions for crowdfunded companies, they cap out at a measly $5 million a year, which is far from enough to buy an airline. The alternative? A private placement offering, but that’s only for the wealthy elite. “If you’re talking about reaching the average citizen,” Coffee said, “they don’t have a million-dollar net worth.”
Adding to the complications, Spirit Airlines has been bleeding money for years. With a mountain of debt reaching $8.1 billion and two failed merger attempts, the airline’s financial woes are well-documented. Rising oil prices due to geopolitical tensions only add fuel to the fire, making the prospect of a successful revival even more daunting.
Despite the odds, the Spirit 2.0 campaign has ignited a spark of hope among supporters. “I pledged. Why not?” said Abigail Hartman, a radiologic technologist from Indiana. “I just want to be part of something from the start, you know?” The enthusiasm is palpable, and Peterson is feeling the pressure. He’s consulting with lawyers and has even secured a legal fund to put together a bid for Spirit Airlines.
But time is of the essence. An auction for Spirit’s assets is looming, and Peterson knows he needs to act fast. “We don’t have a ton of time,” he said, while also teasing potential angel investors who might help kick-start this ambitious project. “So Mark Cuban? What’s up, man? Get in my DMs right now.”
In the end, Peterson’s quest to buy Spirit Airlines is more than just a financial endeavor; it’s a statement about collective action and the power of community. “If this works, doesn’t that prove we can do anything?” Hartman asked in a viral video. While the future remains uncertain, one thing is clear: the spirit of Spirit Airlines is alive and kicking, and its supporters are ready to take flight—if only the regulatory skies would clear.