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

INEOS Britannia and Sir Ben Ainslie have split for the 38th America's Cup. INEOS released a statement last week (23 January) announcing it will enter a challenge for the 38th America’s Cup under the team name INEOS Britannia after parting ways with Sir Ben Ainslie. It said INEOS "could not find agreement on terms to move forward" following the result of the 37th America’s Cup, which took place in Barcelona between August - October 2024.

The division has effectively split the British challenge into two factions: Athena Racing, under the leadership of Ainslie, and INEOS Britannia, under the new leadership of David Endean (formerly COO). Athena Racing responded to INEOS' statement shortly after (23 January). It read: "The British Challenger for the 38th America's Cup, led by Sir Ben Ainslie, was astounded to read today’s statement from INEOS and Mercedes F1 regarding their planned challenge for the 38th America’s Cup. This plan raises significant legal and practical obstacles for them that will play out in the coming days and weeks."

Ainslie’s British America’s Cup team will be known as Athena Racing to align with the British Women’s and Youth America’s Cup team, the Athena Pathway. According to UK Companies House filings, Athena Racing's funding from the INEOS Group, which is supported by billionaire Sir Jim Ratcliffe, ran out in December 2024. Despite both Ainslie and Ratcliffe previously expressing a desire to continue their collaboration, they also need funding from additional partners to keep the project going smoothly.

Sir Ben Ainslie has been a key figure in the past three British challenges and has now been removed from his position as CEO, principal and skipper of INEOS Britannia. This marks a significant shift in leadership for the INEOS team, which added that Endean brings immense experience in sailing and the America’s Cup. 

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." He continued: "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."

The split between Ainslie and INEOS Britannia has created a complex situation, especially concerning the 38th America's Cup. Ainslie's Athena Racing responded by saying the plan "raises significant legal and practical obstacles" which will play out in the coming days and weeks, and the Royal Yacht Squadron Ltd (RYS) must now decide if they'll continue to back the current INEOS Britannia team or deal with the competing factions in British sailing.

INEOS Britannia has strong financial backing and design expertise, with resources tied to the Mercedes F1 Team under the guidance of technical director James Allison, but now finds itself without a sailing team and skipper. Meanwhile, Athena Racing has a sailing crew and Ainslie's expertise but lacks sufficient financial backing and design resources. This is a critical issue as both teams scramble for resources and try to solidify their positions for the 2027 America's Cup.

Commentators have noted that the split has also complicated negotiations between the Challenger of Record – INEOS Britannia – and the Defender – Emirates Team New Zealand (ETNZ) in regards to the America’s Cup Protocol and AC75 class rules. The rivalry between the two British factions leaves uncertainty about who will represent the British challenge and how the Protocol will proceed.

BOAT will update the story as it develops.