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Sailing team Ineos Britannia will not compete in the next edition of the America’s Cup yacht race, as billionaire Sir Jim Ratcliffe continues to overhaul his sports interests.
Ineos Britannia had previously set out its intention to compete in the 38th America’s Cup expected to be held in 2027, despite splitting from Sir Ben Ainslie, the champion sailor who had led the British bid to win the prestigious sailing competition.
However, Ineos said it had been forced to withdraw after negotiations with Ainslie’s Athena Racing dragged on.
Under Ratcliffe, the petrochemical group has expanded into sport including significant minority stakes in English football club Manchester United and Formula 1 racing team Mercedes.
However, the group has been reshaping its sports portfolio in recent months, and has set out plans to cut out hundreds of jobs at Man United to save money.
Last month, Ineos settled a dispute with New Zealand Rugby after the body behind the All Blacks and Black Ferns sued in response to the company’s attempt to renegotiate a sponsorship agreement. In cycling, Ineos Grenadiers have been looking for another sponsor.
Ineos Britannia said its decision to withdraw came following a “protracted negotiation” with Ainslie’s Athena Racing in the wake of last year’s America’s Cup in Barcelona.
Five-times Olympic medallist Ainslie was the face of the Ineos-backed sailing team, but relations with Ratcliffe broke down.
“The agreement that had been reached with Athena would have allowed both parties to compete in the next Cup, but it depended on a rapid resolution,” Ineos Britannia said.
“Ineos Britannia had agreed the substantive terms very quickly, but Athena 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of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its challenge,” it added.
Ainslie was contacted for comment.
Ineos Britannia reached the final of last year’s America’s Cup but won only two races to New Zealand’s seven, ending British hopes of a win. Still, it was the first time a British team had made the final since 1964.
Ratcliffe said it had been a “difficult decision” to withdraw, as he defended the Ineos performance in two previous editions of the America’s Cup.
“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 to win at the next Cup. Unfortunately, the opportunity has slipped away,” he added.
