The fall-out between Ainslie and Ratcliffe after the last America’s Cup has escalated once more, with a dispute over who owns the \u00a3180-million AC75 the British team will need for the America’s Cup next yearFormer British America\u2019s Cup team title sponsor Sir Jim Ratcliffe of petrochemicals giant INEOS is taking legal action against team boss Sir Ben Ainslie over the ownership of the AC75 yacht used in the last America\u2019s Cup.
\nThe yacht raced as INEOS Britannia in the 37th America\u2019s Cup, winning the Louis Vuitton Cup challengers\u2019 series in 2024 to become the first British boat in an America\u2019s Cup final for 60 years.
\nDespite the team\u2019s success, Ainslie and Ratcliffe\u2019s relationship disintegrated, and the partnership was not renewed for a third Cup cycle, the two parties officially splitting in January 2025.<\/p>\n
Sir Ben Ainslie was Team principal and skipper for the INEOS Britannia British America\u2019s Cup team. Photo: Team INEOS UK \/Lloyd Images
\nAt the time, there was much speculation over who actually owned the assets of the team \u2014 both the physical AC75, but also the enormously valuable intellectual property associated with the performance data. That question may now be answered in court, as in a statement today INEOS announced that they are taking legal steps to reclaim the physical AC75.
\nFor the 38th America\u2019s Cup, which takes place in Naples next summer, the same boats that were raced in Barcelona in 2024 are being reused, so the latest generation AC75s are being re-moded to meet the AC38 class rules.
\nINEOS Britannia racing in the Louis Vuitton Cup, Semi Finals in 2024. The AC75s will be remodelled to replace the grinders with battery power and reduce crew numbers, plus add a guest sailor slot.
\nLegal challenge for INEOS Britannia
\nINEOS\u2019s statement read: \u201cINEOS is surprised that the boat we built for the last America\u2019s Cup (AC37) has been taken by Athena Racing. The boat belongs to INEOS and it is inappropriate to assume it can be used for the next competition without seeking our permission.
\n\u201cThe boat was the most successful British boat in history and cost INEOS \u00a3180m and evolved naturally from the first boat which cost a further \u00a3170m. INEOS is taking legal steps for the boat to be returned.\u201d
\nAthena Racing responded to the claim this afternoon, stating: \u201cIt should come as no surprise to Ineos that assets which are owned by, and have always been in the possession of Athena Racing are being used for AC38.\u201d
\nINEOS Britannia crew, with Ratcliffe in white, celebrate winning the Luis Vuitton Cup in 2024. Photo: Ricardo Pinto \/ America\u2019s Cup
\nTheir full statement read: \u201cAthena Racing is proud of its achievements over the past 12 years since launching the British America\u2019s Cup team in 2014. Britain has still not won the America\u2019s Cup in its 175 year history which started off our shores in 1851. The mission of the last 12 years remains the same, to win sports oldest international trophy for the nation.
\n\u201cOur America\u2019s Cup team, GB1, alongside our Women\u2019s and Youth America\u2019s Cup squads are currently training together in Cagliari in preparation for the first Preliminary America\u2019s Cup regatta in May. The 150 strong team based out of Portsmouth are focussed on the task at hand, working with some of the best British technology companies and developing skills and careers for generations to come.
\n\u201cWe will always appreciate the sponsorship and support of Ineos over the last two campaigns, culminating in the team becoming the most successful British Challenger in 60 years in Barcelona 2024.
\n\u201cIt should come as no surprise to Ineos that assets which are owned by, and have always been in the possession of Athena Racing are being used for AC38.\u201d
\nCritical timing
\nRatcliffe sponsored the team for two cycles (AC36 and AC37), which had previously evolved from BAR Racing, the British Challengers for the 35th America\u2019s Cup.
\nAinslie is founder and CEO of the Athena Sports Group, which includes the Emirates Great Britain SailGP Team, the British America\u2019s Cup Team \u2013 now rebranded as GB1 \u2013\u00a0 and the Athena Pathway development programme.
\nIn December 2025, it was announced that Oakley Capital has acquired a majority stake in Athena Racing, the America\u2019s Cup team. Oakley Capital is a private equity group headed up by Peter Dubens, himself a long-time supporter of British America\u2019s Cup challenges. Oakley Capital also owns the North Technology Group, which includes Southern Spars and North Sails, which are key suppliers to all teams in the Cup.
\nThis dispute comes at a critical point in the short 38th America\u2019s Cup cycle, with the British among many teams confirming key team signings (GB1 has recently confirmed Dylan Fletcher, Bleddyn Mon and Ben Cornish), and the New Zealand team unveiling their updated AC75 in recent days.
\nDylan Fletcher (left) co-helmed INEOS Britannia alongside Ainslie (right) in 2024 and has been reconfirmed as helmsman for GB1. Photo: Ian Roman \/ America\u2019s Cup
\nWe\u2019ll update more on this story as it develops.
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\nThe post INEOS challenges Ainslie over \u00a3180m America\u2019s Cup boat appeared first on Yachting World.<\/p>\n","protected":false},"excerpt":{"rendered":"
The fall-out between Ainslie and Ratcliffe after the last America’s Cup has escalated once more, with a dispute over who owns the \u00a3180-million AC75 the British team will need for the America’s Cup next yearFormer British America\u2019s Cup team title … <\/p>\n