In a surprise announcement, INEOS – who backed Sir Ben Ainslie’s America’s Cup Challenges for the 36th and 37th America’s Cup – has reported that it has split from Ainslie and intend to launch a separate challenge.

The statement released this afternoon reads:

‘INEOS will enter a challenge for the 38th America’s Cup under the team name INEOS Britannia after parting ways with Sir Ben Ainslie.

‘Unfortunately, INEOS Britannia and Sir Ben could not find agreement on terms to move forward following the conclusion of the 37th America’s Cup in Barcelona.

‘INEOS Britannia has appointed Dave Endean as CEO, who brings immense experience in sailing and the America’s Cup. INEOS will also continue to leverage the design and technology expertise of the Mercedes F1 Team under the guidance of Technical Director, James Allison.

‘Sir Jim Ratcliffe, Chairman of INEOS said: “I am enormously proud of what we achieved in Barcelona in developing a British boat that was truly competitive for the first time in decades. It set new benchmarks for British sailing, including winning the Louis Vuitton Cup for the first time, and taking races off the Defender in the finals for the first time in 90 years.

“We will now build upon this for the 38th America’s Cup through the INEOS challenge and already have 100 scientists and engineers working on the design of our AC38 yacht.”

‘More details on the INEOS Britannia challenge will follow in due course.’

Ainslie ‘astounded’

Several hours after the INEOS announcement, Ainslie’s team issued their own update. It read:

‘The British Challenger for the 38th America’s Cup, led by Sir Ben Ainslie, was astounded to read today’s statement from INEOS and Mercedes F1 regarding their planned challenge for the 38th America’s Cup. This plan raises significant legal and practical obstacles for them that will play out in the coming days and weeks.

‘Furthermore, Sir Ben Ainslie’s British America’s Cup team will be known as Athena Racing going forwards, aligning with the British Women’s and Youth America’s Cup team, the Athena Pathway.’

Ben Ainslie (right) co-helmed the INEOS Britannia AC75 with Dylan Fletcher (left) in the 37th America’s Cup. Photo: Ian Roman / America’s Cup

INEOS ends Ainslie partnership

The announcement comes three months after INEOS Britannia were defeated in the 37th America’s Cup by Defenders Emirates Team New Zealand – the first time a British team had reached a Cup Match final since 1964.

It was confirmed at the time that the British would again be Challenger of Record, representing the Royal Yacht Squadron, for the 38th America’s Cup.

The RYS told Yachting World that this latest development is ‘purely a commercial matter between INEOS and Athena [Ben Ainslie]’.

RYS Limited is Challenger of Record for the 38th America’s Cup, and it’s not yet known whether INEOS Britannia may represent the RYS or challenge representing another yacht club.

There have been rumours that Ainslie’s relationship with INEOS founder and CEO Sir Jim Ratcliffe was foundering. At the press ‘mixed zone’ after the final race of the 37th America’s Cup Ainslie was noted to not be wearing INEOS branding.

Grant Dalton congratulates INEOS Britannia backer Sir Jim Ratcliffe on winning the Louis Vuitton Cup Final in the 37th America’s Cup. Photo: Ian Roman / America’s Cup

Ratcliffe is renowned for his substantial investment in sports, including sponsorship of the INEOS Grenadiers cycling team (though the team has announced that they are looking for additional backers for the coming season), and notably ownership of Manchester United football team, as well as Lausanne-Sport and Nice football teams, and as principal partner of Mercedes AMG-F1.

The collaboration between Mercedes F1 team and INEOS Britannia America’s Cup team was widely credited as helping get the British team to the America’s Cup final, although it was also known to be a challenging relationship.

Ratcliffe is known to be undertaking cost-cutting exercises across many of his sporting investments. Ainslie confirmed after the 37th America’s Cup that they were seeking additional backers for the next challenge, telling Yachting World in Barcelona in October: “Jim’s definitely behind the team. Quite what that looks like, I think we’ve got to figure out.

“It would be good if we could bring in some other partners. Because really, he and his mates at INEOS have been phenomenal to back two campaigns on their own. Now it’s really time to bring in some other support.”

A British Cup without Ben?

This latest news creates a remarkable scenario: the possibility of a British team with a title sponsor not headed up (either on the water or off) by Sir Ben Ainslie (or even possibly competing against him).

Not only the most successful Olympic sailor of all time, Ainslie has been intrinsically connected to the America’s Cup for over two decades.

The 37th America’s Cup was his third successive Challenge as skipper of a British team – two backed by INEOS, the first in partnership with Land Rover.

Prior to that he won the 34th America’s Cup as tactician for Oracle Team USA, helmed by Jimmy Spithill, in one of the most remarkable sporting comebacks of all time.

Ainslie winning the America’s Cup with Oracle Team USA in 2013. Photo: Gilles Martin-Raget

His first involvement with a British Cup team was with Team Origin, a challenge formed by Sir Keith Mills and headed up by Ainslie, representing the Royal Thames Yacht Club, which folded under uncertainty regarding the format of the event (which later became the Deed of Gift match).

Prior to that he worked with Team New Zealand in their build up to the 32nd America’s Cup, initially as tactician and then as helmsman of the ‘B’ boat sparring with Dean Barker.

While each America’s Cup team in recent cycles has been structured slightly differently, each has a hugely respected figure at their head who is also a respected sailor – Grant Dalton at ETNZ, Max Sirena for Luna Rossa Prada Pirelli, Terry Hutchinson at American Magic etc. Ainslie was unique in being both team principal and skipper/helmsman.

As for who is now in charge of each element of the team, its staff, hardware, and precious and hard-learned IP and data – it’s fair to assume this will be one for the lawyers.

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