America’s Cup: Sir Jim Ratcliffe’s Ineos group takes ‘legal steps’ to secure return of boat used by Sir Ben Ainslie’s team

Sir Jim Ratcliffe’s Ineos group is taking legal steps to secure the return of the boat used by Sir Ben Ainslie’s team in the recent America’s Cup.

Ainslie was Team Ineos’ manager and captain, having secured Ratcliffe’s support in 2018 in a bid for Great Britain’s first win in the yacht race since its inception in 1851.

Ineos has funded the team with Ainsley leading the America’s Cup in Auckland and Barcelona in 2021 and 2024 respectively.

However, relations between the founder of petrochemical giant Ineos and Ainsley are said to have soured and they split at the beginning of last year.

Manchester United co-owner Ratcliffe’s Ineos Sailing Team had intended to compete in the next America’s Cup, in Naples in 2027, but abandoned the plans in April 2025.

Ineos blamed “protracted negotiations” with the Athena Racing team – formed by Ainsley – claiming his team caused a costly six-month delay to settlement talks.

Ainsley, a four-time Olympic champion, secured private equity funding for Athens from Oakley Capital and renamed the team GB1 in January.

Ineos said it was “taking legal steps” to ensure the boat – named Britannia – was returned.

“Ineos is amazed that the boat we built for the last America’s Cup has been acquired by Athena Racing,” the statement said.

“The boat is owned by Ineos and it is inappropriate to assume that it can be used in the next competition without our permission.

“The boat was the most successful British boat in history and cost Ineos £180 million and evolved organically from the first boat which cost a further £170 million.”

GB1 issued a statement in response, saying they “appreciate Ineos’ sponsorship and support during the last two campaigns” but stressed that the boat was theirs.

“It should come as no surprise to Ineos that assets owned by Athena Racing that have always been in its possession are being used for the AC38 [America’s Cup 38]The statement added.

Ainsley told the BBC last year that parting ways with Ineos after the “fallout” was a “difficult decision” but stemmed from “different opinions on how to move forward with the team”.