Sir Jim Ratcliffe’s Ineos group is taking legal steps to secure the return of a boat used in the last Americas Cup by Sir Ben Ainslie’s team.
Ainslie was Ineos’ team principal and skipper, having got the backing of Ratcliffe in 2018 in a bid to a deliver a first win for Great Britain in the yacht race since it started in 1851.
Ineos funded the team led by Ainslie for the Americas Cup in Auckland and Barcelona in 2021 and 2024 respectively.
However, relations between the founder of petrochemicals giant Ineos and Ainslie reportedly turned sour and they split at the start of last year.
Manchester United co-owner Ratcliffe’s Ineos sailing team had intended to challenge for the next America’s Cup, in Naples in 2027, but abandoned the plans in April 2025.
Ineos blamed “a protracted negotiation” with Athena Racing – formed by Ainslie – claiming his team had caused a costly six-month delay to settlement talks.
Four-time Olympic champion Ainslie subsequently secured private equity funding for Athena from Oakley Capital and rebranded the team as GB1 in January.
Ineos said it is “taking legal steps” to ensure the boat – named Britannia – will be returned.
“Ineos is surprised that the boat we built for the last America’s Cup has been taken by Athena Racing,” said the 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.”
GB1 issued a statement in response, in which they said they “appreciate the sponsorship and support of Ineos over the last two campaigns” but maintained the boat was theirs.
“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 [Americas Cup 38],” the statement added.
Ainslie told the BBC last year that splitting with Ineos after the “fallout” was “a difficult decision” but stemmed from “different opinions on how to move forwards with the team”.
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