Jim Ratcliffe’s Ineos takes legal action against Ben Ainslie over America’s Cup yacht
Sir Jim Ratcliffe’s petrochemicals giant Ineos has commenced legal proceedings against Sir Ben Ainslie in a bid to reclaim the £180 million vessel constructed for the 2024 America’s Cup campaign in Barcelona, reports BritPanorama.
The dispute marks a dramatic deterioration in what was once a celebrated partnership between the billionaire Manchester United co-owner and Britain’s most decorated Olympic sailor. Ineos announced on Saturday that it was “surprised” to discover Ainslie’s Athena Racing outfit had retained possession of the AC75 yacht used during last year’s competition.
The statement added: “The boat belongs to Ineos and it is inappropriate to assume it can be used for the next competition without seeking our permission.” It continued: “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. Ineos is taking legal steps for the boat to be returned.”
The two men collaborated across two America’s Cup cycles, with Ratcliffe bankrolling Ainslie’s sailing operation for campaigns in Auckland in 2021 and subsequently Barcelona in 2024. Their partnership reached its zenith eighteen months ago when Ineos Britannia achieved a historic milestone, becoming the first British challenger to triumph in the America’s Cup challenger series in six decades. However, the team ultimately fell short in the final, losing 7-2 to defending champions Emirates Team New Zealand.
The relationship fractured in January 2025 when Ratcliffe announced he and Ainslie “could not find agreement on terms to move forward” for a third campaign. Ainslie described himself as “astounded” by Ratcliffe’s subsequent decision to pursue an independent challenge, citing “significant legal and practical obstacles” to such plans. Across both America’s Cup campaigns, Ineos claims to have provided £350 million in funding to Ainslie’s operation.
The partnership also brought Mercedes Formula One’s technical expertise to the sailing programme, with Ineos holding a one-third stake in the racing team. Ratcliffe and Mercedes F1 subsequently withdrew from mounting their own separate challenge, attributing the decision to “a protracted negotiation” with Athena Racing.
Athena Racing has firmly rejected Ineos’s ownership claims, telling Telegraph Sport that the vessel “is owned by and has always been in the possession of” the company. The team said in a statement: “Athena Racing is proud of its achievements over the past 12 years since launching the British America’s Cup team in 2014.”
It added: “Britain has still not won the America’s 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 sport’s oldest international trophy for the nation. Our America’s Cup team, GB1, alongside our Women’s and Youth America’s Cup squads are training together in Cagliari in preparation for the first Preliminary America’s Cup regatta in May.”
“The 150-strong team based out of Portsmouth are focused on the task at hand, working with some of the best British technology companies and developing skills and careers for generations to come. 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. 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.”
This unfolding saga is a stark reminder of the complexities that often accompany high-stakes sports partnerships, where financial backing and creative ambitions can quickly turn from collaboration to contention.
