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America's Cup

INEOS TEAM GB to challenge for America's Cup

 
The UK chemical and oil products company INEOS has partnered with Sir Ben Ainslie and his team to launch a challenge for the 2021 America’s Cup.Ben Ainslie & Jim Ratcliffe -

INEOS, one of UK’s and the world’s largest petrochemicals and manufacturing companies, has formed INEOS Team GB and is making an £110 million investment in the America’s Cup.

They have partnered with Sir Ben Ainslie and his team to design, build and race the two-boat strategy. The boats will be 75 ft foiling mono-hulls and will use the very best of British technology and boat construction.

Sir Ben says, “This is an amazing boost for British sport. With this significant commitment from Ineos to fully fund a two boat challenge, Britain now has its best opportunity to bring the America’s Cup back home to Britain where it belongs.”

I understand that Ineos together with associated sponsors Belstaff, Limewood and Projekt Grenadier, required Ainslie and his team to make a completely fresh start, and the contract with existing sponsors, Land Rover and 11th Hour Racing, was terminated last Friday.

He will also no longer have support from private backers. The management/ownership structure of the old Land Rover BAR team has changed with Sir Keith Mills and Carphone Warehouse founder Charles Dunstone stepping aside.

Ineos Team GB will represent the Royal Yacht Squadron’s affiliated club, Royal Yacht Squadron Racing who issued the challenge to the current holder represented by Emirates Team New Zealand.

Jim Ratcliffe, founder and chairman of Ineos, says, “Ineos has taken on many serious projects in the past but none more exciting than this. We have a first-class team and will do everything we can to bring this trophy back to Britain where it belongs.”

The Cup – affectionately known as the “Auld Mug” – attracts the world’s top sailors and yacht designers and is the world’s oldest sporting trophy. This will be the 36th America’s Cup and will take place in 2021, in New Zealand.

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James Ratcliffe is a former chemical engineer and the current chairman and CEO of Ineos who has an estimated net worth of $11 billion as of January 2018.

He is the 33rd richest person in the United Kingdom and is ranked 1268th in the list of World Billionaires according to Forbes.

Ineos are one of the world's largest manufacturers of chemicals and oil products, with sales of $54 billion, employing 15,000 people.

One of his other hobby projects is to re-manufacture the dis-continued Land Rover Defender, to be called the Grenadier, now that might reall upset Land Rover.

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