INEOS Britannia, once hailed as Britain’s best hope for winning the America’s Cup in modern times, has formally withdrawn its intention to challenge for the 38th edition of the competition, expected in 2027. The announcement marks a dramatic and conclusive end to a long-running and increasingly acrimonious split between team backer Sir Jim Ratcliffe and former skipper Sir Ben Ainslie.
On the 19th February this year the Royal Yacht Squadron confirmed their selection of Ben Ainslie’s team Athena Racing to represent them as the Challenger of the 38th America’s Cup.
At the heart of the withdrawal is a failed negations between INEOS Britannia and Ainslie’s team, Athena Racing. Both parties had initially agreed on a framework that would allow them to compete separately in the next Cup, but the plan hinged on a rapid resolution of negotiations. INEOS claims it finalised its side of the agreement swiftly, but Athena failed to follow through in a timely manner.
In a statement released on 9 April, Ratcliffe said the protracted six-month delay had “undermined its ability to prepare” for the next America’s Cup. “This was a very difficult decision 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 with the Mercedes F1 engineers behind us, we believed we had a real chance to win,” he said. “Unfortunately, the opportunity has slipped away.”
The split between Ainslie and Ratcliffe became public in January 2025, just three months after INEOS Britannia lost 7–2 to Emirates Team New Zealand in the 37th America’s Cup final in Barcelona. While that loss ended British hopes of claiming the Cup, it was still the most successful British campaign since 1964. The campaign was also notable for its high-tech edge, with design and performance input from the Mercedes-AMG Petronas Formula One Team.
Following the split, Ainslie rebranded his team as Athena Racing and declared his own intent to compete in the 38th Cup. But relations between the two parties rapidly deteriorated. Reports suggest legal disputes over intellectual property and rights to use team assets further complicated efforts to reach an amicable separation. Athena Racing, for its part, said it was “astounded” by INEOS’s approach and that the fallout raised “significant legal and practical obstacles.”
Ratcliffe’s decision to walk away also comes as INEOS reshapes its broader sports portfolio. In recent months, the group has taken a stake in Manchester United, faced legal disputes with New Zealand Rugby over sponsorship agreements, and sought new financial partners for its cycling team, INEOS Grenadiers. These developments suggest a strategic refocus that may also have influenced the decision to step back from the Cup.
Though both sides had committed to competing in the next cycle, INEOS’s exit leaves the British America’s Cup challenge in the hands of Athena Racing—pending resolution of ongoing legal matters and confirmation of the event’s location. At the time of writing, the venue for the 38th America’s Cup is yet to be confirmed, though it’s expected Defender Emirates Team New Zealand and Challenger of Record Athena Racing will announce details by mid-2025.
For now, what was shaping up to be a two-pronged British assault on sailing’s oldest trophy has been reduced to a single, uncertain challenge—highlighting just how fragile alliances can be in the high-stakes world of the America’s Cup.
