Sir Jim Ratcliffe’s Ineos group is taking authorized steps to secure the return of a boat used within the final America’s Cup by Sir Ben Ainslie’s team.
Ainslie was Ineos’ team principal and skipper, having received the backing of Ratcliffe in 2018 in a bid to a ship a primary win for Great Britain within the yacht race because it began in 1851.
Ineos funded the team led by Ainslie for the America’s Cup in Auckland and Barcelona in 2021 and 2024 respectively.
However, relations between the founder of petrochemicals large Ineos and Ainslie reportedly turned bitter and so they split at the start of last year.
Manchester United co-owner Ratcliffe’s Ineos crusing team had supposed to problem for the following America’s Cup, in Naples in 2027, however abandoned the plans in April 2025.
Ineos blamed “a protracted negotiation” with Athena Racing – fashioned by Ainslie – claiming his team had prompted a pricey six-month delay to settlement talks.
Four-time Olympic champion Ainslie subsequently secured private equity funding for Athena from Oakley Capital and rebranded the team as GB1 in January.
Ineos stated it is “taking legal steps” to make sure the boat – named Britannia – shall be returned.
“Ineos is surprised that the boat we built for the last America’s Cup has been taken by Athena Racing,” stated the assertion.
“The boat belongs to Ineos and it is inappropriate to assume it can be used for the next competition without seeking our permission.
“The boat was probably the most profitable British boat in historical past and price Ineos £180m and developed naturally from the primary boat, which price an extra £170m.”
GB1 issued a statement in response, in which they said they “recognize the sponsorship and assist of Ineos during the last two campaigns” but maintained the boat was theirs.
“It ought to come as no shock to Ineos that property that are owned by, and have at all times been within the possession of Athena Racing are being used for AC38 [America’s Cup 38],” the statement added.
Ainslie told the BBC last year that splitting with Ineos after the “fallout” was “a tough resolution” but stemmed from “totally different opinions on how to transfer forwards with the team”.
