Sir Jim Ratcliffe, the Manchester United part-owner, is involved in a bitter dispute with his former partner Sir Ben Ainsley over the “£180million boat” they built together for the last America’s Cup.
Ratcliffe’s company, INEOS, has said it is taking legal action against Ainsley’s Athena Racing to force it to return the boat. Athena says it rightfully owns the boat and will use it to race in the next America’s Cup in 2027.
INEOS funded Ainsley’s British team over two America’s Cup cycles in Auckland, New Zealand, in 2021 and Barcelona, Spain, in 2024 – with the petrochemicals firm, founded by British billionaire Ratcliffe, citing its total expenditure at £350million ($467m) over both campaigns.
INEOS Britannia enjoyed historic success at the 37th America’s Cup in Barcelona, becoming the first British team to win the challenger series before losing 7-2 to defenders New Zealand in the final.
Despite this landmark performance, Ratcliffe and Ainsley fell out in late 2024 over funding and control of the team, and have since parted ways. Ratcliffe subsequently announced and then shelved plans to launch a new America’s Cup challenger.
Ainsley team — now rebranded GB1 — has a new majority partner, private equity firm Oakley Capital.
In a statement on Saturday, INEOS said it had “recently received information” that Ainslie’s team for the 38th America’s Cup was “in possession of the boat built and used during AC37 (in Barcelona)”.
An INEOS spokesperson added: “INEOS is surprised that the boat we built for the last America’s Cup (AC 37) has been taken by Athena Racing. 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. INEOS is taking legal steps for the boat to be returned.”
In response, Athena Racing insisted the boat would not be returned and would be used for AC38 in Naples, Italy, next year.
“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,” read Athena’s statement
“It should come as no surprise to INEOS that assets owned by, and have always been in the possession of, Athena Racing are being used for AC38.”
After announcing INEOS’ split from Ainsley in January 2025, Ratcliffe revealed plans to enter a new challenge in AC38 that would continue to rely on the technical expertise of the Mercedes Formula 1 team, who had partnered with Ainsley’s team in the previous two cycles. INEOS owns a third of Mercedes’ F1 branch.
However, Ratcliffe and Mercedes abandoned these plans after a legal challenge from Ainsley, citing a “protracted negotiation” with Britain’s most successful sailor and claiming his team had caused a costly six-month delay to settlement talks.
Anthena’s statement on Saturday continued: “Athena Racing is proud of its achievements over the past 12 years since launching the British America’s Cup team in 2014.
“Britain has still not won the America’s Cup in its 175-year history that started off our shores in 1851. The mission of the last 12 years remains the same: to win sports 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.”