Ineos Britannia has announced its withdrawal from the 38th America’s Cup, citing a protracted negotiation process with Sir Ben Ainslie’s Athena Racing Ltd as the primary reason behind its decision. The British team, helmed by Ainslie, had been a strong contender in the 37th America’s Cup, where it ultimately lost to Emirates Team New Zealand by a 7-2 scoreline. Despite initial optimism, Ineos has admitted that delays in securing an agreement with Ainslie’s team have significantly impacted their ability to prepare for the next edition of the prestigious race.
In a statement, Ineos Britannia revealed that after the conclusion of the 37th America’s Cup in Barcelona, the team entered into negotiations with Athena Racing. The terms of the agreement would have allowed both parties to compete in the upcoming America’s Cup, but the crucial arrangement was dependent on a swift conclusion to the talks. While Ineos Britannia claimed that it had agreed to the substantive terms of the deal quickly, the delay in finalizing the agreement with Athena Racing was seen as a critical setback.
The team expressed frustration over the six-month delay, emphasizing that it had undermined their preparation for the 38th America’s Cup. Ineos made it clear that the extended negotiation period had left them with insufficient time to make the necessary adjustments and improvements to their boat and overall strategy. Consequently, after careful consideration, the decision was made to withdraw from the race.
Jim Ratcliffe, chairman of Ineos and co-owner of Manchester United, acknowledged the difficult nature of this decision. He explained that the team’s withdrawal came after extensive efforts to secure a strong position in the upcoming competition. Ratcliffe emphasized that Ineos Britannia had been the most successful British challenger in modern times, boasting a fast boat and valuable input from Mercedes F1 engineers. He expressed regret that the team had been unable to capitalize on its potential to win the next America’s Cup.
Ratcliffe also pointed out that the team had placed a great deal of hope in its partnership with Ainslie’s Athena Racing, believing that the combination of resources and expertise could have given them a real chance to secure victory. However, the delays in reaching a final agreement led to the loss of that opportunity. The Ineos Britannia team had been confident that with the backing of Mercedes F1 engineers, they could achieve great success, but the withdrawal has now dashed those hopes.
The relationship between Ineos Britannia and Ainslie’s Athena Racing was initially seen as a promising collaboration, but it became clear that the differences between the two parties had prevented a resolution. In January, Ineos announced that it had failed to reach an agreement with Ainslie and his team and would proceed on its own. Despite these efforts, the team now finds itself withdrawing from the competition entirely, acknowledging that the delay had made it impossible to proceed as planned.
While Ineos has pulled out of the America’s Cup, the future of Athena Racing remains uncertain. The team has not yet made a public statement regarding the situation, and it is unclear how the delay will affect its own preparations for the 38th edition of the America’s Cup. For now, the focus remains on the disappointment felt by Ineos Britannia, which had been hoping to build on its previous successes and mount a serious challenge in the next race.
