The Flybe board today confirmed it had received a “very preliminary, short and highly conditional outline contingency proposal” from Tinkler, who was fired from the Stobart board last summer amid a row with incumbent chairman Ian Ferguson.

Flybe said the proposal “envisages a capital injection and replacement of the funding provided by Connect Airways”, the Virgin-led group which offered to provide a £20m liquidity injection to keep the carrier afloat last month/ It will also make up to £80m available in further funding.

Flybe said Connect Airways had provided the first £15m of the £20m credit facility it announced in January.

“Flybe confirms that its advisers have held an initial discussion with Mr Tinkler’s advisers in relation to the preliminary proposal and that no formal proposal was made,” it said. “For the avoidance of doubt, the preliminary proposal does not contemplate an offer for the whole of Flybe or any other acquisition structure.”