INEOS challenges Ainslie over £180m America’s Cup boat

The fall-out between Ainslie and Ratcliffe after the last America's Cup has escalated once more, with a dispute over who owns the £180-million AC75 the British team will need for the America's Cup next year

Former British America’s Cup team title sponsor Sir Jim Ratcliffe of petrochemicals giant INEOS is taking legal action against team boss Sir Ben Ainslie over the ownership of the AC75 yacht used in the last America’s Cup.

The yacht raced as INEOS Britannia in the 37th America’s Cup, winning the Louis Vuitton Cup challengers’ series in 2024 to become the first British boat in an America’s Cup final for 60 years.

Despite the team’s success, Ainslie and Ratcliffe’s relationship disintegrated, and the partnership was not renewed for a third Cup cycle, the two parties officially splitting in January 2025.

At the time, there was much speculation over who actually owned the assets of the team — both the physical AC75, but also the enormously valuable intellectual property associated with the performance data. That question may now be answered in court, as in a statement today INEOS announced that they are taking legal steps to reclaim the physical AC75.

For the 38th America’s Cup, which takes place in Naples next summer, the same boats that were raced in Barcelona in 2024 are being reused, so the latest generation AC75s are being re-moded to meet the AC38 class rules.

Legal challenge for INEOS Britannia

INEOS’s statement read: “INEOS is surprised that the boat we built for the last America’s Cup (AC37) 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.”

Athena Racing responded to the claim this afternoon, stating: “It should come as no surprise to Ineos that assets which are owned by, and have always been in the possession of Athena Racing are being used for AC38.”

Their full statement read: “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 which 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 currently training together in Cagliari in preparation for the first Preliminary America’s Cup regatta in May. The 150 strong team based out of Portsmouth are focussed on the task at hand, working with some of the best British technology companies and developing skills and careers for generations to come.

“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.

“It should come as no surprise to Ineos that assets which are owned by, and have always been in the possession of Athena Racing are being used for AC38.”

Critical timing

Ratcliffe sponsored the team for two cycles (AC36 and AC37), which had previously evolved from BAR Racing, the British Challengers for the 35th America’s Cup.

Ainslie is founder and CEO of the Athena Sports Group, which includes the Emirates Great Britain SailGP Team, the British America’s Cup Team – now rebranded as GB1 –  and the Athena Pathway development programme.

In December 2025, it was announced that Oakley Capital has acquired a majority stake in Athena Racing, the America’s Cup team. Oakley Capital is a private equity group headed up by Peter Dubens, himself a long-time supporter of British America’s Cup challenges. Oakley Capital also owns the North Technology Group, which includes Southern Spars and North Sails, which are key suppliers to all teams in the Cup.

This dispute comes at a critical point in the short 38th America’s Cup cycle, with the British among many teams confirming key team signings (GB1 has recently confirmed Dylan Fletcher, Bleddyn Mon and Ben Cornish), and the New Zealand team unveiling their updated AC75 in recent days.

We’ll update more on this story as it develops.

 

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