Virgin is Australia’s second-biggest airline and only rival to Qantas Airways on major domestic routes. It controls about 40 per cent of the domestic market, with more than 60 per cent flown by Qantas and its budget carrier Jetstar. Regional Express withdrew from flying on major capital city routes and entered voluntary administration in August after ex-budget carrier Bonza collapsed this year.

Hrdlicka said Qatar’s backing would solidify Virgin’s longevity.

“It will further strengthen Virgin Australia’s ability to compete over the long term, which will inevitably translate into more choice and even better value airfares for consumers as well as additional Australian aviation jobs,” she said.

The confirmation of Qatar’s stake follows more than a year of speculation about the future of Virgin, which intensified after Bain delayed a long-mooted float of the carrier on the ASX and its aircraft manufacturer Boeing became embroiled in a quality assurance scandal that delayed the delivery of its new fleet. Hrdlicka and ex chief development officer David Marr fronted its non-deal roadshow at the beginning of 2023 and have both since resigned.

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Virgin was partly owned by Singapore Airlines, Etihad and Chinese groups HNA and Nanshan when it entered administration during the COVID-19 pandemic.

Virgin is due to report its full-year results to the Australian Securities and Investment Commission this month. It reported a $129 million profit in the 2023 financial year.

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