BP’s multimillion-pound green investment into “the Uber of private jets” is at risk of being wiped out after the company crashed into administration. The founder of Fly Victor, a private jet operator that offsets carbon emissions by 200pc, is hoping to buy the company back from administrators. Nevertheless, the insolvency threatens the loss of tens of millions of pounds poured into the company since it was launched in 2011. BP Ventures led a $20m funding round in September 2017. A further $18m was co-invested by BBA Aviation in January 2018. Other investors included Tim Richards, the founder and chief executive of cinema chian Vue Entertainments. Fly Victor founder Clive Jackson said that administrators had been called “to protect creditors and allow the Administrator to safeguard RocketRoute and Victor which are both unaffected and fully functioning going concerns”. Two years ago, the private jet company said BP’s investment “further investment reinforces its commitment to identify and invest in private, high-growth, game-changing technology companies.” Last week new BP boss Bernand Looney said the company needed to “reinvent” itself, invest more in alternative energy and cut net carbon emissions by 2050. Mr Jackson said: “It is my intention to lead a management buyout (MBO) of Victor with the support of all the management team and staff who want to make this company a success.” “I believe an MBO is the best option for the future of the company. My priority is to secure its future for the team at Victor whilst also ensuring that our original smaller non-strategic investors remain part of the success of the newly independent business by preserving an equity holding for them in the post MBO Victor.”