Ben Ainslie during the Louis Vuitton 37th America's Cup in Barcelona, Spain. Photo: PHOTOSPORT
INEOS Britannia has abandoned its challenge for the next America's Cup after failing to reach a settlement with former skipper Ben Ainslie's team Athena Racing, the team backed by INEOS chief Jim Ratcliffe said.
INEOS said in January that Ainslie parted ways with Britain's America's Cup team after his third attempt to skipper his country to the trophy ended in failure in October, a decision that left the four-times Olympic champion "astounded".
Ainslie had vowed to compete for the 38th edition but it would be without a partnership with INEOS, with his British America's Cup team now known as Athena Racing.
"The agreement that had been reached with Athena Racing would have allowed both parties to compete in the next Cup but it depended on a rapid resolution," INEOS said in a statement.
"INEOS Britannia had agreed the substantive terms very quickly, but Athena has failed to bring the agreement to a timely conclusion."
Ben Ainslie is sprayed with champagne by Britannia team-mates and owner Jim Ratcliffe (top centre). Photo: Photosport
INEOS Britannia said the six-month delay had "undermined its ability to prepare" for the next Cup, leading to their withdrawal.
"This was a very difficult decision to have taken following our challenge at the last two America's Cups," said Ratcliffe, who is also co-owner of Premier League club Manchester United.
"We were the most successful British challenger in modern times with an exceptionally quick boat and we felt with the very effective input from the Mercedes F1 engineers, that we had a real chance at the next Cup.
"Unfortunately, the opportunity has slipped away."
- Reuters
