New Mexico lands deal to build Virgin Galactic spaceport

Virgin Galactic, the British company created by entrepreneur Richard Branson to send tourists into space, and New Mexico announced an agreement Tuesday for the state to build a $225 million spaceport.

Virgin Galactic also revealed that up to 38,000 people from 126 countries have paid a deposit for a seat on one of its manned commercial flights, including a core group of 100 "founders" who have paid the initial $200,000 cost of a flight up front. Virgin Galactic is planning to begin flights in late 2008 or early 2009.

New Mexico Economic Development Secretary Rick Homans said construction of the spaceport, to be built largely underground in the south of the state near the White Sands Missile Range, could begin in early 2007, depending on approval from environmental and aviation authorities.

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