America’s Cup: Ineos abandons America’s Cup challenge and hits out at Ben Ainslie
Emirates Team New Zealand and Ineos Britannia in race nine of the Louis Vuitton 37th America’s Cup in Barcelona. Photo / Photosport
Sir Jim Ratcliffe has abandoned plans to challenge for the next America’s Cup, accusing Ben Ainslie of dragging his heels over settlement negotiations that would have allowed both their teams to compete.
Ratcliffe, the Manchester United co-owner and billionaire chairman of petrochemicals company Ineos, backed Ainslie’s team through the past two Cup cycles.
After Ineos Britannia became the first British team in 60 years to reach the Cup match in Barcelona last year, however, the relationship soured over ownership of the team, their assets and intellectual property.
In January, Ratcliffe issued a statement declaring the end of his relationship with Ainslie after they “could not find agreement on terms to move forward”. He also declared his intention to enter a new challenge for the 38th America’s Cup under the team name Ineos Britannia, still using the technical might of the Mercedes F1 team, in which Ineos owns a third.
In response, Ainslie said he was “astounded” by Ratcliffe’s move, suggesting there were a number of “significant legal and practical obstacles” which would prevent him from pushing ahead with his plans. The four-time Olympic champion changed the name of his team – who have challenger of record status for the next America’s Cup – to Athena Racing Ltd.
The two parties have been locked in negotiations over a settlement for the team’s assets and IP since.
On Wednesday, however, Ineos Britannia suddenly released a statement saying the “six-month delay” had “undermined its ability to prepare for the next Cup” and therefore it had “reluctantly withdrawn its challenge”.
“Ineos Britannia announces that it has withdrawn its intention to challenge for the next America’s Cup,” the statement read. “The decision has been taken after a protracted negotiation with Athena Racing Ltd following the conclusion of 37th America’s Cup in Barcelona.
“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 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.”
Commenting on the decision, Ratcliffe said: “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 to win at the next Cup. Unfortunately, the opportunity has slipped away.”
It is unclear whether a settlement still needs to be reached over assets and IP. A spokesperson for Ineos said the company remained committed to its existing teams.
Athena Racing have been contacted for comment.