British billionaire Richard Branson will finally wear a red skirt and serve as a stewardess on Malaysian budget carrier AirAsia in May after losing a Grand Prix bet with the founder of the airline.

Virgin boss Branson and AirAsia chief executive Tony Fernandes had agreed in 2010 that whichever of their teams (then Virgin and Lotus) finished lower in the constructors' championship in their debut season, the losing owner would serve on the other's airline.