Breaking News 18:10
Ben Ainslie is reported to have left the Ineos Britannia America’s Cup sailing team.
Ineos said in a statement that they could “not find agreement” with Ainslie on “terms to move forward” after last year’s event in Barcelona”. Ineos will continue to compete in the next America’s Cup under the ‘Britannia’ name.
Rumours of a breakdown in the Ainslie-Ratcliffe British America’s Cup INEOS Britannia partnership continue to grow in the mainstream news media.
A report in the Times of London claimed that Sir Ben Ainslie is likely to split with Sir Jim Ratcliffe, the Ineos chief executive and major sponsor of the last two America’s Cup challenges.
In a recent media interview Ainslie seemed unsettled by questions about the possible arrangements for the next challenge, and said he did not know what plans Sir Jim had with regard to the next America’s Cup. But Ainslie made it clear that additional sponsors would be involved in the next challenge.
Although the last America’s Cup saw the British team win the challenger series and actually face the holders, Emirates Team New Zealand, in the 37th America’s Cup . . . They were beaten 7 – 2.
Despite that set-back, Ineos Britannia, via the Royal Yacht Squadro, immediately entered a challenge for the 38th America’s Cup.
At that time Ratcliffe appeared to be happy to continue his involvement in the British America’s Cup team – although with a broader spread of sponsorship to ease the estimated £100 million plus investment required.
The recent rumours of a change of stance seems to follow on the continuing problems with the performance of some of Sir Jim’s other sporting interests, particularly Manchester United football team. But he also has interests in Mercedes Formula One and cycling’s Ineos Grenadiers, formerly Team Sky. None of which have recently been performing well.
