Ineos Britannia withdraws from America's Cup

INEOS Britannia has withdrawn its intention to challenge for the next America’s Cup. According to the team's statement, the decision has been taken after "a protracted negotiation with Athena Racing Ltd following the conclusion of the 37th America’s Cup last year in Barcelona."

Athena Racing Ltd. is the new team formed by Sir Ben Ainslie after he had parted ways with INEOS Britannia earlier this year.

The teams were to enter into an agreement that would allow both of them to compete in the next Cup, but, as INEOS Britannia puts it, "Athena has failed to bring the agreement to a timely conclusion." According to the INEOS press release, the six-month delay in conclusion has undermined its ability to prepare for the next Cup, forcing it to withdraw the intention to challenge.



Commenting on the decision, Sir Jim Ratcliffe, Chairman of INEOS, 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 at the next Cup. Unfortunately, the opportunity has slipped away.”

In the 37th America's Cup, the British team Ineos Britannia was the Challenger of Record and the strongest challenger to the New Zealand defenders in the duel for sailing's most important trophy. The racing team, financed by Sir Jim Ratcliffe's company and led by Sir Ben Ainslie, had improved over the course of the competition but lost 7-2 to Emirates Team New Zealand in the match for the Cup last autumn in Barcelona.