Buffett to gamble £173m on jet-set

WARREN Buffett, the world's second-richest man, is taking a £173 million gamble that Britain's showbiz and sporting elite will want to avoid airlines and travel by private jets. He plans to buy 21 NetJet aircraft, based in Europe, to cope with the demand.

Aviation authorities say average waiting times at European airports have increased by about 20% in the past five years, mostly because of greater security.

British Airways flights, especially to Washington, have been hit by a series of delays and cancellations because of terrorism fears.

Stars such as actress Liz Hurley and tennis player Tim Henman are regular users of jets belonging to Buffett, who is confident that business jet use in Europe will become as common as in the US.

Latest figures from NetJet, operator of the world's sixth-largest fleet of executive aircraft, show that demand almost doubled over the Christmas period and has continued at that level. The company-now has 220 jets in Europe. The airline, is essentially a timeshare plan for jet travel. Top executives, sports stars and celebrities buy a share in a plane, giving them a certain number of flying hours a year. Owners pay from £250,000, which guarantees 50 flying hours a year. There are also annual management fees of about £3,400 and clients pay £1,500 for each hour of use.