INEOS Britannia and Sir Ben Ainslie part ways for the 38th America's Cup

INEOS Britannia has released a statement announcing that it has parted ways with Sir Ben Ainslie for the 38th America's Cup. 

According to a statement released on their website, the sailing team, "could not find agreement on terms to move forward" following the result of the 37th America’s Cup which took place in Barcelona from August - October last year.

Despite INEOS Britannia securing a spot in the Louis Vuitton Cup Final for the first time since 1964, they were beaten by title defender, Emirates Team New Zealand. 

Dave Endean has now been appointed INEOS Britannia CEO, bringing "immense experience in sailing and the America’s Cup". INEOS will continue to utilise the design and technology expertise of the Mercedes F1 Team, under the guidance of technical director, James Allison.

"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," said Sir Jim Ratcliffe, Chairman of INEOS. "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."

More details on the INEOS Britannia challenge will follow in due course.