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INEOS withdraws America's Cup Challenge

Posted to Maritime Reporter on April 9, 2025

INEOS Britannia, the team backed up by INEOS Chief Jim Ratcliffe, announced on Wednesday that it had withdrawn from the race for the America's Cup due to a failure to reach a deal with Athena Racing of former skipper Ben Ainslie.

INEOS announced in January that Ainslie had parted with Britain's America Cup team following his third failure to lead his country to victory in October. The decision left the four-time Olympic champion 'astonished'.

Ainslie has promised to compete in the 38th edition, but without a partnership between INEOS. His British America's Cup Team is now Athena Racing.

The agreement reached with Athena Racing allowed both parties to participate in the Cup, but it was contingent on a quick resolution.

"INEOS Britannia agreed on the terms of the agreement very quickly. But Athena failed to conclude the deal in a timely manner."

INEOS Britannia stated that the six-month delay "undermined" its ability to prepare for the next Cup and led to their withdrawal.

Ratcliffe said that the decision was difficult to make after our challenges at the two America's Cups. He is also a co-owner of Premier League team Manchester United.

"We had the fastest boat in the modern era and with the help of the Mercedes F1 engineering team, we thought we could win the next Cup.

"Unfortunately, this opportunity has passed."

Athena Racing has been contacted for comment. (Reporting and editing by Pritha Sakar in Bengaluru, with Rohith Nirr).

(source: Reuters)

Tags: Boating Europe Western Europe Yachts & Boats

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