Sir Jim Ratcliffe, a co-owner of Manchester United, has decided not to pursue participation in the upcoming America’s Cup and has criticized Sir Ben Ainslie, a renowned Olympic figure. Ratcliffe had supported Ainslie’s team in the past two rounds of the prestigious sailing event through his company, INEOS.
INEOS Britannia, backed by Ratcliffe, made history as the first British team in six decades to advance to a final, ultimately losing to New Zealand in Barcelona. However, tensions arose between Ratcliffe and Ainslie behind the scenes.
With a 28.94% ownership stake in Premier League club Manchester United, Ratcliffe announced in January the conclusion of INEOS Britannia’s collaboration with Ainslie due to a disagreement on future terms. Ratcliffe had planned to enter the next America’s Cup challenge in 2027 under the Britannia banner, with support from the Mercedes Formula 1 team, partially owned by INEOS.
Ainslie, a highly decorated Olympic sailor with four consecutive gold medals, expressed surprise at Ratcliffe’s decision. Subsequently, Ainslie renamed his team to Athena Racing Ltd, claiming to be the official Challenger of Record for the 38th America’s Cup.
Negotiations were ongoing for both teams to participate in the 2027 event. However, a recent setback attributed to Athena prompted INEOS Britannia to withdraw its challenge, citing a delay that hindered their preparation.
INEOS Britannia’s statement revealed the withdrawal from the America’s Cup challenge, emphasizing the impact of the delay on their readiness. Ratcliffe acknowledged the difficulty in making this decision following their previous successful America’s Cup campaigns.
Athena Racing Ltd has not yet responded to INEOS’ announcement.
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