INEOS out
INEOS Britannia withdraws from 38th America’s Cup.
19 April 2025
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INEOS Britannia has officially withdrawn its intention to challenge for the next America’s Cup. The decision has been taken after a protracted negotiation with Athena Racing Ltd following the conclusion of 37th America’s Cup, last year in Barcelona. The agreement that had been reached with Athena Racing would have allowed both parties to compete in the next Cup but it depended on a rapid resolution.
INEOS Britannia had agreed the substantive terms very quickly, but Athena has failed to bring the agreement to a timely conclusion.
INEOS Britannia is of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its intention to challenge.
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Commenting on the decision, Sir Jim Ratcliffe, Chairman of INEOS said, “This was a very difficult decision to have taken following our challenge at the last two America’s Cups.
“We were the most successful British challenger in modern times with an exceptionally quick boat and we felt with the very effective input from the Mercedes F1 engineers, that we had a real chance at the next Cup. Unfortunately, the opportunity has slipped away.”
In January 2025, INEOS Britannia & Sir Jim Ratcliffe and Athena Racing & Sir Ben Ainslie issued a statement about their parting ways, reaffirming the Team’s decision to enter a challenge for the 38th America’s Cup.
The statement read: “INEOS will enter a challenge for the 38th America’s Cup under the team name INEOS Britannia after parting ways with Sir Ben Ainslie.
“Unfortunately, INEOS Britannia and Sir Ben could not find agreement on terms to move forward following the conclusion of the 37th America’s Cup in Barcelona.
“INEOS Britannia has appointed Dave Endean as CEO, who brings immense experience in sailing and the America’s Cup. INEOS will also continue to leverage the design and technology expertise of the Mercedes F1 Team under the guidance of Technical Director, James Allison.”
Sir Jim Ratcliffe, Chairman of INEOS added, “I am enormously proud of what we achieved in Barcelona in developing a British boat that was truly competitive for the first time in decades. It set new benchmarks for British sailing, including winning the Louis Vuitton Cup for the first time, and taking races off the Defender in the finals for the first time in 90 years.
“We will now build upon this for the 38th America’s Cup through the INEOS challenge and already have 100 scientists and engineers working on the design of our AC38 yacht.”
At that time, the British Challenger for the 38th America’s Cup, led by Sir Ben Ainslie, revealed it was “astounded to read the statement from INEOS and Mercedes F1 regarding their planned challenge for the 38th America’s Cup”.
Athena Racing and Sir Ben Ainslie commented, “This plan raises significant legal and practical obstacles for them that will play out in the coming days and weeks.
“Furthermore, Sir Ben Ainslie’s British America’s Cup team will be known as Athena Racing going forwards, aligning with the British Women’s and Youth America’s Cup team, the Athena Pathway.”
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