Loading ...The successful pioneer of European discount air travel and founder of Ryanair, Tony Ryan, died at age 71, in Ireland. Ryanair was established in 1985 and the carrier pioneered the rock bottom airfares now increasingly prominently available in Europe, thanks to a range of no-frills airlines. The Irish airline started off on very modest ground in 1985. The company had a single aircraft, seating only 15 passengers, which flew from Waterford (Ireland) to London. Since then, Ryanair has become a hugely successful business and nearly 50 million passengers travel with the carrier each year. Thus far this year, the carrier’s profits stand at an impressive €139 million. The airline’s fleet is also growing steadily and within the next year, the carrier will operate 163 Boeing 737-800 airplanes. Ryan’s work in the airline industry also turned him into a billionaire and one of Ireland wealthiest citizens, with a total net worth standing at an estimated €1.2 billion.
In 1992, Tony Ryan was the recipient of an honourary PhD degree in economic science from the University of Limerick. Most analysts believe that he revolutionized Ireland’s air travel industry and left a strong mark on both the UK and continental Europe. Although Ryan’s family no longer has a majority stake in the airline, they are said to control about 5.9% of the shares. In addition to his work in founding Ryanair, Ryan also spent two decades working for Aer Lingus, which today is the no-frills airline’s biggest competitor. Ten years prior to developing the discount carrier, Ryan created a company entitled Guinness Peat, which provided airlines the opportunity to lease aircraft.
Ryan died at home, following a lengthy illness.
www.ryanair.com
