Sir Jim Ratcliffe's Ineos Group has initiated legal proceedings against Sir Ben Ainslie over ownership of the boat used in the 2024 America's Cup. The dispute marks a bitter end to a once-close partnership between the two sailing figures.
Ineos and Ainslie's Athena Racing collaborated across two America's Cup cycles, with Ineos Britannia becoming the first British team to win the challenger series before losing 7-2 to Emirates Team New Zealand in Barcelona. In April 2025, Ineos withdrew its challenge for the next edition, citing a six-month delay in reaching an agreement with Ainslie's team.
On Saturday, Ineos released a statement expressing surprise that Athena Racing had retained the boat, named Britannia, which Ineos claims it owns. 'The boat belongs to Ineos and it is inappropriate to assume it can be used for the next competition without seeking our permission,' the statement read. Ineos stated the boat cost £180 million, with an additional £170 million spent on its predecessor.
Ainslie's team, now rebranded as GB1, responded by asserting ownership of the boat. '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 AC 38,' they said. GB1 will be the challenger of record for the 38th America's Cup in Naples next year, with Oakley Capital as major investors.
