JetBlue Wins Spirit’s LaGuardia Slots for $58.5 Million — Below Spirit’s Own Estimate

Key Points

• JetBlue won Spirit's 22 LaGuardia slots for $58.5 million, edging out Frontier's $57.5 million bid, with the price falling well below Spirit's own $69.4M-$86.7M valuation estimates.
• The deal awaits FAA transfer approval and a Bankruptcy Court hearing, with official close expected before August 5; the DOT is monitoring the bankruptcy to protect competition and affordable fares.
• JetBlue has recently pulled back from LaGuardia over high airport fees and is prioritizing growth in Fort Lauderdale—a former Spirit hub it aims to make its third base alongside JFK and Boston.

Summary

JetBlue has won Spirit Airlines' 22 coveted slots at New York's LaGuardia Airport with a winning bid of $58.5 million, narrowly beating Frontier Airlines' $57.5 million offer as part of Spirit's bankruptcy asset sale. The price came in well below Spirit's own liquidation estimates, which had valued the slots between $69.4 million and $86.7 million. The deal—still pending FAA transfer approval and a U.S. Bankruptcy Court hearing expected to close before August 5—gives JetBlue expanded capacity at a highly constrained and lucrative market, even though the airline has recently scaled back its LaGuardia presence over high airport fees (which executives cited at roughly $40 per enplanement). The acquisition unfolds against JetBlue's broader strategic pivot toward building Fort Lauderdale—formerly a Spirit stronghold—into its third base alongside JFK and Boston, while Spirit winds down operations after two Chapter 11 bankruptcies.