Multi-millionaire's son, 27, is new owner of El-Al

The Israeli government has issued loans of $250 million and has bought $30 million in shares (between 12 and 15 per cent of the company).

In a statement, the company said it took “upon itself a great responsibility to restore the trust of passengers, and to ensure the jobs of thousands of El Al employees, and lead Israel’s airline into a secure future.

“Throughout recent months Kanfei Nesharim has proven its seriousness, commitment and financial ability to help rehabilitate El Al.”

The funds for the shares purchase will come from Rozenberg’s father Kenneth (Kenny) Rozenberg, according to the Times of Israel, who is the CEO of Centers Health Care in the United States and is estimated by Haaretz to have a personal worth between $500 million and $1 billion.

Last month Israeli business publication Calcalist quoted a source close to Kenny Rozenberg who said he was instructed to buy the airline by his rabbi. Ownership, however, requires Israeli citizenship – something his son has.