Latest news with #BombardierChallenger350
News18
17-07-2025
- Business
- News18
How Rich Do You Have To Be To Own A Private Jet?
1/7 Owning a private jet is far more than a one-off purchase; it entails a continuous, multi-million-dollar financial undertaking. Beyond the initial cost, owners must also consider ongoing maintenance, fuel, crew salaries, airport fees, and insurance. If you've ever contemplated this high-end lifestyle and questioned its practicality, here's a detailed breakdown of the true costs and income required to sustain private jet ownership. Are you wondering how much it cost to purchase a private jet? Prices vary greatly depending on the jet's size, range, model, year, and features. Light jets, which typically carry four to seven passengers, cost between $3 million and $9 million. Popular models include the Cessna Citation CJ3 and the Embraer Phenom 300. Midsize jets, which accommodate eight to twelve passengers, are priced from $9 million to $20 million, with models such as the Embraer Praetor 600 and Bombardier Challenger 350 being common choices. 3/7 Larger and long-range jets, capable of seating twelve to nineteen passengers, range from $25 million to $75 million. Examples include the Gulfstream G650, Bombardier Global 7500, and Dassault Falcon 8X. At the top end of the market, ultra-luxury VIP jets, often converted from commercial aircraft like Boeing or Airbus, can exceed $100 million. Maintenance expenses: This is where the true cost of ownership begins to emerge. Light jets typically incur annual maintenance costs of between $500,000 and $1 million. For midsize jets, the yearly maintenance ranges from $1 million to $2 million. Large jets demand even higher upkeep, with costs reaching between $2 million and $5 million per year. 5/7 Operating costs: Fuel prices generally range from $4 to $7 per gallon. Beyond that, owners must account for hangar storage, landing and airport fees, crew wages, insurance premiums, technical upgrades, and licensing. For example, operating a Gulfstream G650 can cost roughly $3,000 to $5,000 per flight hour. From a business aviation standpoint, flying more than 300 to 400 hours a year may justify outright ownership. Otherwise, chartering or fractional ownership tends to be more cost-effective. Required income and net worth: To realistically afford a private jet, one's financial status must align with the size of the aircraft. For a light jet, a net worth of at least $25 million and an annual income exceeding $5 million are advisable. Midsize jets require a net worth over $50 million and income above $10 million per year. To operate a large, long-range jet comfortably, you'll likely need a net worth of more than $100 million and annual earnings of $20 million or more.
Yahoo
11-06-2025
- Business
- Yahoo
Issa brothers face deadline to repay £30m private jet loan
The billionaire Issa brothers are facing a looming deadline to repay a $41m (£30m) loan that they took out to fund their private jets, new documents reveal. EG Group said it had served Mohsin and Zuber Issa a notice to repay the loan provided to their personal private jet business Clear Sky 2 LP by the end of June. If they fail to do so, the petrol forecourt giant said it would exercise its rights to recover the $41m loan, which is overdue. The borrowings include unsecured loans that EG initially gave to the brothers to buy the jets – a Bombardier Global 6000 and a Bombardier Challenger 350 – in 2018. The demand comes amid plans to float EG Group, which is owned by the Issa brothers together with private equity firm TDR Capital. EG Group has been lending funds to the private jet business, owned solely by the brothers, for years. However, EG is now seeking to recoup the funds after both brothers, who had founded the business in 2001, stepped back from running the day-to-day operations. Zuber stepped down as co-chief executive last year, while Mohsin left his role in April. The Issa brothers built their fortune through EG Group, although the pair were catapulted into the spotlight after teaming up with TDR to acquire Asda in a £6.8bn deal in 2021. However, more recently, the two brothers have been attempting to disentangle their fortunes. Last year, Zuber announced the sale of his 22.5pc stake in Asda before setting up a rival petrol forecourts business called EG On The Move. Meanwhile, Mohsin has sought to invest in a string of UK start-ups, including protein maker Applied Nutrition and sportswear retailer Castore. The break-up of the interests followed rumours of a rift between the brothers, although the pair have sought to talk down any split. Company filings show that the brothers borrowed increasing amounts from EG to pay for the Clear Sky business, through which they own their private jets. This includes the outstanding $41m loan, which rose by $7m over the past financial year. EG Group said it served the brothers notice over the loan in April. EG Group declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Saudi Gazette
21-03-2025
- General
- Saudi Gazette
Orlando air traffic controller stops pilots mistakenly trying to take off on a taxiway
ORLANDO — The pilots of a Boeing 737 started to mistakenly take off from a taxiway at a Florida airport on Thursday before an air traffic controller told them to stop, the Federal Aviation Administration said, announcing it was investigating the incident. Southwest Airlines Flight 3278 was cleared to take off on a runway at Orlando International Airport, bound for Albany, New York, the FAA said in a statement. The plane, however, started to accelerate on a parallel taxiway instead, prompting an air traffic controller to cancel the takeoff clearance. Taxiways are used by planes to travel between gates and runways, but are not intended for take offs or landings. 'The Crew mistook the surface for the nearby runway,' the airline said in a statement. 'Southwest is engaged with the NTSB (National Transportation Safety Board) and FAA to understand the circumstances of the event.' The 737 stopped safely and no other aircraft were involved, Southwest said. The airline later flew the passengers to Albany on a different plane. Thursday's episode comes after a series of incidents in recent weeks, including near misses, crash landings and accidents, including the fatal collision of an American Airlines plane and a US Army helicopter in Washington, Wednesday the NTSB released a report on the February 6 crash of a Bering Air regional flight in Alaska, which killed all 10 people onboard. According to the NTSB, the Cessna Grand Caravan was overweight before it took off. The plane was initially reported missing but was found the next day on ice floating in Alaska's Norton on Thursday Canada's Transportation Safety Board released a preliminary report on a February 17 incident that saw a Delta Air Lines regional jet flipping over as it landed at Toronto Pearson International were left 'hanging like bats' but all 80 on board — passengers and crew — February 25, Southwest Flight 2504, from Omaha, was landing on Chicago Midway Airport's runway 31C when a private Bombardier Challenger 350 crossed the runway in front of pilots of the private jet told investigators they thought they were in the right place and crossing a different runway at the time of the incident, according to a preliminary report released by the their closest point, the two plane's GPS antennas were separated by about 200 feet, the NTSB reports. — CNN
Yahoo
21-03-2025
- General
- Yahoo
Air traffic controller in Orlando stops Southwest Airlines pilots mistakenly trying to take off on a taxiway
The pilots of a Boeing 737 started to mistakenly take off from a taxiway at a Florida airport on Thursday before an air traffic controller told them to stop, the Federal Aviation Administration said, announcing it was investigating the incident. Southwest Airlines Flight 3278 was cleared to take off on a runway at Orlando International Airport, bound for Albany, New York, the FAA said in a statement. The plane, however, started to accelerate on a parallel taxiway instead, prompting an air traffic controller to cancel the takeoff clearance. Taxiways are used by planes to travel between gates and runways, but are not intended for take offs or landings. 'The Crew mistook the surface for the nearby runway,' the airline said in a statement. 'Southwest is engaged with the NTSB (National Transportation Safety Board) and FAA to understand the circumstances of the event.' The 737 stopped safely and no other aircraft were involved, Southwest said. The airline later flew the passengers to Albany on a different plane. Thursday's episode comes after a series of incidents in recent weeks, including near misses, crash landings and accidents, including the fatal collision of an American Airlines plane and a US Army helicopter in Washington, DC. On Wednesday the NTSB released a report on the February 6 crash of a Bering Air regional flight in Alaska, which killed all 10 people onboard. According to the NTSB, the Cessna Grand Caravan was overweight before it took off. The plane was initially reported missing but was found the next day on ice floating in Alaska's Norton Sound. And on Thursday Canada's Transportation Safety Board released a preliminary report on a February 17 incident that saw a Delta Air Lines regional jet flipping over as it landed at Toronto Pearson International Airport. Passenger were left 'hanging like bats' but all 80 on board - passengers and crew - survived. On February 25, Southwest Flight 2504, from Omaha, was landing on Chicago Midway Airport's runway 31C when a private Bombardier Challenger 350 crossed the runway in front of it. The pilots of the private jet told investigators they thought they were in the right place and crossing a different runway at the time of the incident, according to a preliminary report released by the NTSB. At their closest point, the two plane's GPS antennas were separated by about 200 feet, the NTSB reports.
Yahoo
19-03-2025
- General
- Yahoo
NTSB releases preliminary report on near-miss at Midway Airport
CHICAGO – The National Transportation Safety Board has released its preliminary report on the near-miss at Midway Airport on Tuesday, Feb. 25. A Southwest Airlines plane that originated from Omaha aborted a landing when the crew saw a private jet, a Bombardier Challenger 350 operated by Flexjet, crossing Runway 31-C. The Southwest plane landed safely after performing the go-around just before 9 a.m. According to the report, the private jet's pilots got confused by taxi direction they were given from ground control and did not acknowledge instructions to hold short of the runway. NTSB chairwoman points finger at private jet crew for near collision at Midway Airport Investigators said the pilots told them the sun made it difficult to seeing any hold short lines, pavement markings or signs for the intersection. Officials said the pilots also claimed the runway was a similar width to taxiways and that they did not recognize it as a runway. Shortly after the incident, Joe Sweeter – a transportation professor at DePaul University – said an investigation into what happened and modernization at the federal level is needed, as well as additional reassurances for passengers who seek to fly. 'I think the FAA does sort of need a mandate of modernization. They've been doing some great work to move that. But everybody wants that's sped up. Unfortunately, what's going to happen now is an element of chaos and distrust with things coming out of the executive branch,' Sweeter said. 'Everybody is talking about this. It's now a household item. We're seeing it on the news week after week, and that doesn't help the airlines. That person on the fence, so to speak, may hold back on flying. Airlines are a little nervous about busy, domestic travel right now. So, let's hope things settle down a bit.' Video captures near-miss between Southwest Airlines plane, jet on runway at Chicago's Midway Airport The FAA also issued the following statement on the incident. 'The crew of Southwest Airlines Flight 2504 initiated a go-around when a business jet entered the runway without authorization at Chicago Midway Airport. The FAA is investigating the incident, which occurred around 8:50 a.m. local time on Tuesday, Feb. 25.' A statement from Southwest Airlines read: 'Southwest Airlines Flight 2504 landed safely at Chicago Midway Airport on Tuesday morning after the Crew performed a precautionary go-around to avoid a possible conflict with another aircraft that entered the runway. The Crew followed safety procedures, and the flight landed without incident. Nothing is more important to Southwest than the Safety of our Customers and Employees.' Pilots earn praise for averting near collision disaster at Midway Airport WGN News also reached out to Flexjet, the company behind operation of the private aircraft, for comment regarding the incident: 'We are aware of the occurrence today in Chicago. Flexjet adheres to the highest safety standards and we are conducting a thorough investigation. Any action to rectify and ensure the highest safety standards will be taken.' The investigation continues. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
