Russian entrepreneur Alexander Lebedev has sold his shareholding in carrier Red Wings for a token sum, two months after the airline was grounded.
The buyers have not been identified but Lebedev says the transaction amounted to just Rb1 ($0.03).
He confirms the arrangement on his personal website, saying: "Yes, I signed the papers to sell 100% of Red Wings to a group of investors for Rb1."
Red Wings was grounded in early February, weeks after a fatal overrun accident at Moscow and following an inspection by Russian authorities.
"I did my best to save the company," Lebedev says.
He also hints that prices on routes operated by Red Wings have heavily increased since the airline's operations were stopped.