Richard Branson is to take on the role of an air steward on an AirAsia flight after losing his bet with Lotus Racing team principal Tony Fernandes.

The pair set a bet at the start of the season over who would end their first season in F1 in a higher championship position, with Lotus securing tenth place ahead of the Virgin Racing outfit backed by Branson.

Fernandes has now revealed that Branson will take up his new job on a flight from Kuala Lumpur to London with seats on the flight being sold on an online auction and the money raised being donated to charity.

"There has been a fantastic spirit of competition between us and Virgin Racing all season and one of the first people to come and congratulate us on the pitwall was Richard," Fernandes said. "We have had this great bet running all season and now it's time for Richard to start preparing himself for some hard work and the likely pain of a pair of high heels!

"We agreed last night that we will run an online charity auction for the seats on our Kuala Lumpur / London route to raise money for a charity of Richard's choice and give fans of both teams the chance to be on the flight.

"The date of the flight will be announced very soon and the aim is to raise as much money as we can for a good cause so the discomfort Richard will go through is worth as much as it possibly can be!"