A fan of Spirit Aviation Holdings Inc. (OTC: FLYYQ) has launched a crowdfunding campaign to buy the budget airline after it shut down operations, following creditors' refusal to support a government-backed $500 million rescue plan.

Green Bay Packers Model

Hunter Peterson, a Spirit fan, started the fundraiser as a joke, according to a Business Insider report on Sunday, but it quickly gained momentum. The official website, dubbed "Spirit 2.0," reported that over $88,071,428 in unverified pledges had been made before the site crashed.

The website says the Spirit 2.0 model would be based on the NFL's Green Bay Packers, which is owned by over 360,000 fans who act as shareholders. "No billionaire can move the team. No hedge fund can gut it for parts," the website states. "Owned by us." Peterson's Instagram post went viral, amassing over 321,000 likes and 5.6 million views.

A minimum pledge of $45 is required to become a shareholder in the Spirit 2.0 model, and the website says "every verified member gets one vote" regardless of how much they contribute.

Elizabeth Warren Criticizes Trump Over Spirit

Following Spirit's collapse, Sen. Elizabeth Warren (D-Mass) criticized President Donald Trump, arguing that the ongoing war with Iran has caused skyrocketing fuel prices, leading to the budget airline's demise. Treasury Secretary Scott Bessent, however, blamed the previous Joe Biden administration for preventing a merger between Spirit and JetBlue Airways Corp (NASDAQ: JBLU) in 2024.

Spirit isn't the only low-cost carrier struggling with rising fuel costs. Budget airlines Frontier Group Holdings Inc. (NASDAQ: ULCC) and Avelo are reportedly among a group seeking a $2.5 billion relief package from the Trump administration to offset the impact of higher jet fuel prices.