Ryanair Co-Founder Tony Ryan Dies at 71

Low-cost airline Ryanair Holdings PLC founder Tony Ryan died Wednesday at his home in Ireland at age 71 after a long illness, his family said.

Born Feb. 2, 1936, in Thurles in Ireland’s County Tipperary, he founded Guinness Peat Aviation with $50,000 as an Aer Lingus Group PLC executive in 1975.

The company grew to become the world’s largest commercial aircraft leasing firm in the 1980s, worth $4 billion at its peak, but its value collapsed in 1992 after the cancellation of its planned initial public offering.

Ryan co-founded Ryanair in 1985 with a 14-seat turboprop airplane flying between Waterford, Ireland, and London Gatwick Airport with the aim of breaking a duopoly on London-Ireland flights held at the time by British Airways PLC and Aer Lingus.

His vision, leadership and ambition inspired Ryanair’s growth to become the world’s biggest international passenger airline, Ryanair said in a statement.

Ryanair Chairman David Bonderman said Ryan also brought a tremendous sense of style, charm and good humor to all of his business and personal relationships.

Ryan’s family fortune has been estimated at more than of $1.7 billion, London’s Sun newspaper reported.

His investments included a 16 percent stake in 7-year-old Tiger Airways Private Ltd., Singapore’s largest low-cost airline.