INEOS Britannia withdraws from 38th America’s Cup after failed talks with Athena Racing

INEOS Britannia has confirmed it will no longer compete in the 38th America's Cup, following "protracted" and ultimately unsuccessful negotiations with Sir Ben Ainslie’s newly formed Athena Racing team.

The British challenger, backed by Sir Jim Ratcliffe and supported by the Mercedes Formula 1 team, said in a statement that it had agreed to “substantive terms very quickly” with Athena Racing after the close of the 37th edition in Barcelona. However, it blamed a six-month delay on Athena’s part for undermining its ability to prepare for the next Cup prompting its withdrawal.

“This was a very difficult decision to have taken following our challenge at the last two America’s Cups,” said Sir Jim Ratcliffe, chairman of INEOS. “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 to win at the next Cup. Unfortunately, the opportunity has slipped away.”

The move follows a turbulent period for the British campaign. INEOS Britannia and Sir Ben Ainslie parted ways in January, effectively splitting the challenge into two competing entities – Athena Racing, under Ainslie’s leadership, and INEOS Britannia, which had appointed former COO David Endean to lead a separate bid.

At the time, both teams signalled their intent to move forward with separate campaigns, but the situation quickly became mired in legal and logistical complications. Athena Racing, which shares its name with the British Women’s and Youth America’s Cup team (Athena Pathway), accused INEOS of presenting a challenge that “raises significant legal and practical obstacles”.

Despite initial ambitions to find a collaborative path forward, the failure to conclude a timely agreement has now ended INEOS Britannia’s hopes of continuing its campaign. The decision also leaves uncertainty around who, if anyone, will represent a British challenge at the 38th America’s Cup, due to be held in 2027.

According to UK Companies House filings, Athena Racing’s funding from the INEOS Group expired in December 2024, and the team continues to seek additional financial backing. While Ainslie retains a core sailing crew and considerable experience across three Cup cycles, Athena lacks the design horsepower and engineering resources that INEOS brought to the table through its partnership with Mercedes F1.

The Royal Yacht Squadron Ltd (RYS), which previously backed INEOS Britannia, must now decide whether to support Athena Racing as a potential challenger or step back from the 38th edition entirely. Commentators suggest this fractured approach has weakened Britain's position at a time when other national syndicates are already in advanced stages of planning.

BOAT International will update the story as it develops.