LONDON, England (CNN) -- British entrepreneur Richard Branson has announced his company has signed a deal to offer the world's first commercial flights to space under the branding "Virgin Galactic."
Branson, head of the Virgin Atlantic airline, said Monday that passengers in groups of five could be sent into orbit by 2008 at around £110,000 ($200,000) a trip.
The businessman -- who also heads Virgin trains in the UK -- revealed his outer-space business venture, potentially worth £14 million ($25 million), during a press gathering at the Royal Aeronautical Society in Central London.
The licensing deal could be worth millions over the next 15 years depending on the number of spaceships built by Virgin.
