Ex-F1 boss buys European Cargo out of administration, saving A340 fleet
What's the deal? European Aviation GroupDealroom has a profile for this one. Try Dealroom → has acquired the entire assets of European Cargo Ltd (ECL)Dealroom has a profile for this one. Try Dealroom → out of administration. The Bournemouth airport-based cargo airline's buyer is Paul Stoddart, the former MinardiDealroom has a profile for this one. Try Dealroom → Formula 1 team boss.
What's included? The deal covers 16 Airbus A340 aircraft — including seven flight-ready freighters — plus a large stock of Rolls-RoyceDealroom has a profile for this one. Try Dealroom → Trent 553 and 556 spare engines and more than 14,000 line items of A340 and Trent spares.
The backstory: European Cargo began operations in April 2020, responding to a UK Government request to transport PPE from Malaysia. During the pandemic, its fleet flew 400 flights carrying PPE and testing kits, and in 2022 it began converting its widebody fleet into a permanent freighter configuration.
Why Stoddart? He founded the predecessor European Aviation LtdDealroom has a profile for this one. Try Dealroom → in 1989 and ran Minardi from 2001 to 2005 before selling the team to Red BullDealroom has a profile for this one. Try Dealroom →. Stoddart sold his remaining stake in the business in 2024 and has now reacquired it through European Aviation Group.
What they said: "We are delighted to have concluded our acquisition of all of the assets of ECL with the joint administrators," said Stoddart, chairman and chief executive of European Aviation Group. "Whilst this is a massive investment from EAL, I feel totally confident that we can keep this excellent fleet of cargo aircraft flying for the foreseeable future."
The signal: The rescue keeps a rare A340 freighter fleet operational under founder ownership, preserving cargo capacity that emerged from pandemic-era demand.
Read more: insidermedia.com
Image credit: Generated with Gemini
