A dispute has developed between British businessman Jim Ratcliffe and Olympic sailor Ben Ainslie over the ownership of a yacht used in the most recent America’s Cup campaign.
Ratcliffe’s company Ineos has begun legal action against Ainslie’s team, Athena Racing, seeking the return of the AC75 yacht that competed as Ineos Britannia during the 37th America’s Cup in 2024. The vessel, Britannia, played a central role in the British challenge that year, when the team won the Louis Vuitton Cup challenger series before losing 7–2 to Emirates Team New Zealand in the final in Barcelona. The result made it the first British entry to reach an America’s Cup final in 60 years.
Ratcliffe, who is part-owner of Manchester United, backed Ainslie’s campaign in 2018, funding Britain’s attempt to win the trophy for the first time since the competition began in 1851. Through Ineos he supported the team for two campaigns, including the 2021 regatta in Auckland and the 2024 edition in Barcelona. The company later said its total spending across the two cycles reached about £350m.
Despite the team’s progress during the partnership, relations between Ratcliffe and Ainslie soured after the 2024 campaign. The partnership ended in January 2025 amid disagreements about how to continue the project. Ainslie told media that the separation following the “fallout” was “a difficult decision” but resulted from “different opinions on how to move forwards with the team”.
After the split, Ratcliffe explored launching a new British entry for the 38th edition of the competition, scheduled for Naples in 2027, but those plans were abandoned later in the year. Ineos has attributed the decision partly to “a protracted negotiation” with Athena Racing, saying the process had caused a pricey six‑month delay to their settlement discussions.
The disagreement now centres on the ownership of the AC75 yacht used in the Barcelona campaign. According to Ineos, the boat was funded by the company and cost around £180m to build, following an earlier boat that required a further £170m in development. The organisation maintains that the vessel is its property and cannot be entered in future races without its approval.
“Ineos is surprised that the boat we built for the last America’s Cup (AC37) has been taken by Athena Racing,” the company says in a statement. “The boat belongs to Ineos and it is inappropriate to assume it can be used for the next competition without seeking our permission.
“The boat was the most successful British boat in history and cost Ineos £180m and evolved naturally from the first boat, which cost a further £170m.”
Athena Racing disputes that claim and says the yacht remains under its control. In response to the legal action, the team stated that the vessel is among assets that have always been held by the organisation.
“It 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.”
The group added that it remained focused on continuing Britain’s challenge for the trophy.
“We 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.”
Athena Racing launched the modern British America’s Cup effort in 2014 and forms part of Ainslie’s Athena Sports Group. The organisation also runs development programmes and other sailing teams, including Britain’s SailGP entry. The America’s Cup team itself has been rebranded as GB1.
New investment has arrived following the split with Ineos. Private equity firm Oakley Capital has acquired a majority stake in Athena Racing, with businessman Peter Dubens a long‑time supporter of British challenges for the Cup.
The dispute has emerged as teams begin to prepare in earnest for the 38th America’s Cup cycle. The next edition of the event is due to take place in Naples, with competitors reusing and modifying the AC75 yachts raced in Barcelona to comply with the updated class rules.
Athena Racing says its 150‑person squad, based in Portsmouth, is continuing preparations for the next regatta. Training sessions are currently taking place in Cagliari ahead of the first preliminary event of the new cycle. Sailors Dylan Fletcher, Bleddyn Mon and Ben Cornish have recently been confirmed as part of the line‑up.
MIN will report further details as they are revealed.
Tension on the road to the 38th America’s Cup
So far, it has been a rocky road leading to the 2027 America’s Cup. In October 2025, American Magic confirmed it will not compete in the 38th America’s Cup – the latest development in a tumultuous start to the campaign.
In April 2025, Jim Ratcliffe’s Ineos Britannia team confirmed it would not compete.
Just a week later, Switzerland’s Alinghi Red Bull Racing announced it was terminating its America’s Cup campaign due to “serious concerns about the administration and governance of the cup by the defender, Team New Zealand”.
In May 2025, Alinghi Red Bull Racing issued a statement raising concerns about whether a fair sporting protocol was being negotiated for the 38th America’s Cup. The statement accused both Team New Zealand and the Italian government of lacking transparency regarding the agreement to use Naples as the host venue and of announcing the host city prematurely before a fair protocol was agreed with the challengers.
American Magic swiftly weighed in, saying it had found itself at a “crossroads” but supported Alinghi Red Bull in its concerns.
The Naples event marked the first time the five founding teams of the new America’s Cup Partnership – formed in the wake of the turmoil – have appeared together since forming the organisation. These teams are Emirates Team New Zealand, GB1, Luna Rossa, Tudor Team Alinghi and K-Challenge. The partnership establishes a shared governance and commercial framework for the event.
According to the organisers, it is the first time in the competition’s 175-year history that competing teams have agreed to jointly manage the event on a more permanent basis, including commercial arrangements and fan engagement.
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