EasyJet’s (London-Luton) founder, Sir Stelios Haji-Ioannou, has threatened to start a new low-cost airline named Fastjet (Fastjet.com) to compete against the airline he founded.  The founder has reserved this web address with “Coming soon!” titles.

Stelios and his family currently control 38 percent of easyJet’s stock. Stelios has been critical in the past of the current easyJet management and their aggressive expansion plans and has also pushed for payouts to the stockholders.

EasyJet disclosed Haji-Ioannou’s plans yesterday (September 26) in an apparent pre-emptive strike against this possible new competitor. Haji-Ioannou had previously agreed in October 2010 not to set up a rival low-fare airline.

Read the full report from the Financial Times: CLICK HERE