Emirates Team NZ Chief Operating Officer Kevin Shoebridge on America's Cup win. Video / NZ Herald
Sir Jim Ratcliffe has parted ways with his America’s Cup partner Sir Ben Ainslie and declared his intention to win the historic race without the four-time Olympic gold medallist.
Asrevealed earlier this week, the relationship between the pair has been on the brink of collapse and itwas Ratcliffe, the Ineos billionaire who bankrolled the British syndicate and who also owns 28.94% of Manchester United, who moved first – issuing a statement marking the end of their relationship.
He notably declined to thank Ainslie for his efforts leading the Ineos Britannia yacht in two attempts at the America’s Cup and it is expected that a row is now brewing as to whom the assets and intellectual property belong.
Ainslie has already indicated that he is ready to race again for the America’s Cup which will be on a date of defenders New Zealand’s choosing and could be as far away as 2027. Yet it is Ratcliffe who has funded the two bids at the trophy with around £200 million ($435.1m) spent by the Ineos chemical conglomerate and the added expertise of the Mercedes Formula One team – in which Ineos owns a third share. Ainslie spearheaded another campaign before Ratcliffe came on board under BAR (Ben Ainslie Racing).
In a statement, Ineos declared its intention to race as Ineos Britannia and to challenge in the 38th edition of the America’s Cup.
“Unfortunately, Ineos Britannia and Sir Ben could not find agreement to move forward following the conclusion of the 37th America’s Cup in Barcelona,” the group said. It added that a chief executive, Dave Endean – who grew up in Auckland and describes himself as having a “typical Kiwi sailing background” – has been appointed and that the team would continue to use the Mercedes Formula One technology and technical director James Allison. Endean was already part of the team as project director in Auckland and COO in Barcelona, with Allison technical director for the last Cup as well.
Confirmation that Ratcliffe will enter a challenge for the 38th America’s Cup under the team name Ineos Britannia ends speculation that he may be stepping back from sailing while he concentrates on turning around footballing fortunes at Old Trafford.
Sir Jim Ratcliffe shakes hands with Giles Scott during the Prada Cup round robin in 2021. Photo / Photosport
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.”
Ratcliffe has already funded two attempts at winning the America’s Cup, with Ainslie’s team most recently losing the final series of the 2024 edition to New Zealand in October.
Ainslie’s racing expertise and the financial might of Ratcliffe’s chemical conglomerate Ineos, as well as its crucial connection with the Mercedes Formula One team, has been a strong combination – but Telegraph Sport revealed on Wednesday that tensions had emerged between the two men.
However, the 72-year-old billionaire, deep into trying to turn around United in the midst of a dire run and a low-key January transfer window, remains committed to sailing without the most prominent figure in the sport in Britain.
Ainslie, 47, is Britain’s most successful competitive sailor and has consistently said that, regardless of Ratcliffe, he is ready to compete again for the next America’s Cup. That event does not yet have definitive dates and those ultimately will be set by cup defenders New Zealand.
Ratcliffe told Telegraph Sport in October that he was committed to the next America’s Cup but that he was also looking for additional third-party sponsorship.
In December, Ratcliffe increased his share in United to 28.94% with a final instalment payment of £79m. The total value of his stake is now just over £1.25 billion. The original deal was struck one year ago with the Florida-based Glazer family who have controlled the club for two decades. Ratcliffe’s most recent investment last month increased his stake to its current level.
As well as with Ainslie and Mercedes F1, Ineos has had many sports sponsorships and partnerships, including cycling’s Ineos Grenadiers, formerly Team Sky. Last week, Ineos Grenadiers chief executive John Allert announced that Ratcliffe was not prepared to spend additional funds on the team and is seeking a second title sponsor.
It has also partnered with the All Blacks. . As well as its stake in Manchester United it owns French Ligue 1 club Nice and the Swiss Super League club Lausanne-Sport. While the Glazer family maintain the majority stake in United, it is Ineos and Ratcliffe who have negotiated control of the football operations after a prolonged sales process.
