Branson, who heads up the Virgin group of companies, including airline Virgin Atlantic, had bet that his Virgin Formula One motor-racing team would finish higher in the final F1 World Championships rankings than the Lotus team, which is owned by Air Asia CEO (and former Virgin employee) Tony Fernandes.
Branson has confirmed he will be honouring the bet, amidst speculation whether he will remove his leg hair and don high-heels for his stint as Air Asia cabin crew.