LONDON (AFP) -- Swashbuckling entrepreneur Richard Branson is to spend his own money to break a deadlock over the sale of Britain's Virgin Mobile to cable TV operator NTL, the Financial Times reported Saturday.

It said Branson, founder of the Virgin brand, who owns 71.5 percent of Virgin Mobile, would pay an extra 12 pence per share to minority shareholders unhappy with NTL's initial offer of 360 pence (5.27 euros, 6.40 dollars).

The proposed deal-maker would see NTL upping its offer to 372 pence for minority shareholders.

Branson would, meanwhile, accept NTL shares for 80 to 90 percent of his stake, and the remainder in cash, the newspaper said. ------Virgin Mobile shares

Virgin Mobile shares closed Friday in London at 371 pence.

If the deal goes through, Branson's Virgin Group is expected to strike a brand licensing deal with NTL, giving it the right to use the Virgin name in return for 0.25 percent of revenues, the Financial Times said.

NTL is currently in the process of merging with its only British rival Telewest to woo subscribers by bundling cable television, Internet access, and traditional and mobile telephone services.

NTL's offer of 360 pence valued Virgin Mobile -- which targets its products at younger consumers, piggybacks on T-Mobile's network infrastructure and claims more than five million customers -- at 930 milllion pounds.