Sir Jim Ratcliffe’s INEOS Britannia has withdrawn its challenge for the next America’s Cup.
It has alleged the decision was due to the “protracted negotiations” with Athena Racing, the team of INEOS Britannia’s former team principal and skipper Sir Ben Ainslie.
It was announced in January that INEOS and four-time Olympic champion Ainslie had split, but INEOS said it still intended to compete at the 38th America’s Cup under the Britannia name. Athena responded, saying it was “astounded” by this plan, warning it raised “significant legal and practical obstacles” for INEOS.
Athena’s social media describes the team as the “Challenger of Record for the 38th America’s Cup”.
INEOS claimed an agreement had been reached to allow both teams to compete, but that after Athena had “failed to bring the agreement to a timely conclusion”, this had impacted INEOS’ preparations and led to its withdrawal.
An INEOS statement read: “INEOS Britannia announces that it has withdrawn its intention to challenge for the next America’s Cup. The decision has been taken after a protracted negotiation with Athena Racing Ltd following the conclusion of 37th America’s Cup.
“The agreement that had been reached with Athena Racing would have allowed both parties to compete in the next Cup but it depended on a rapid resolution. INEOS Britannia had agreed the substantive terms very quickly, but Athena has failed to bring the agreement to a timely conclusion. INEOS Britannia is of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its intention to challenge.”
Athena Racing has been contacted by The Athletic for comment.
The America’s Cup is the oldest trophy in international sport. INEOS Britannia missed out on a historic victory in October as it was beaten by New Zealand in the final. Britain has never won the competition in its 173-year history and 2024 marked its first final appearance since 1964.
Ratcliffe added: “This was a very difficult decision to have taken following our challenge at the last two America’s Cups. We were the most successful British challenger in modern times with an exceptionally quick boat and we felt with the very effective input from the Mercedes F1 engineers, that we had a real chance at the next Cup. Unfortunately, the opportunity has slipped away.”
The dispute with Athena follows April’s news that INEOS had settled a sponsorship dispute with New Zealand Rugby (NZR) over the pair’s performance partnership.
INEOS acquired a minority stake in Manchester United in February 2024, with the Glazers remaining majority owners of the club but INEOS controlling football operations.
Ratcliffe’s company also own Swiss club Lausanne and has a 17 per cent minority stake in Ligue 1 side Nice.
INEOS has further sporting ventures outside of football, owning one-third of the successful Mercedes F1 team and the INEOS Grenadiers Tour de France-winning cycling team. INEOS Britannia sailing team formed in 2012.
(Lluis Gene/AFP via Getty Images)