As the dust settles from the quick-fire America’s Cup related announcements . . . .
Ben Ainslie has had a difficult year by any standard, returning from AC37 as the most successful British America’s Cup skipper in 60 years, to be summarily ‘sacked’ by major backer Sir Jim Ratcliffe, from the Ineos Britannia America’s Cup sailing team.
And after a public slagging match forced to take the Athena team forward without a major sponsor and facing a less than welcoming group of potential challengers.
Just how many balls could he keep in the air before something had to give?
Things were happening and the ship was turning but, very slowly . . . First we had the announcement of the formation of an historic alliance between the five founding teams of the next America’s Cup. In order to enter the next America’s Cup (AC38) they had signed the America’s Cup Partnership (ACP).
The ACP is driven by a new governance board, with each team having a seat on the board, that will establish an independent management team focused on commercial growth, long-term investment into the event and the teams, and includes the regular contest of the America’s Cup every two years.
That initial announcement also finally confirmed the three challengers who had entered and joined the Defender (ETNZ) and the Challenger of Record (Athena Racing), making a total of five teams (to date) for the Louis Vuitton 38th America’s Cup, scheduled to take place in 2027 at Naples, Italy.
Those five founding teams will together present further details of the ACP on 21 January 2026 in Naples, when dates of the America’s Cup Match are also revealed.
The second announcement was of the successful conclusion of Ben Ainslie’s ‘annus horribilis’
Ainslie took to the media to reveal a majority ownership investment of £13 million from Oakley Capital led by Peter Duben, in his Athena Racing (British America’s Cup team), and the development of the Athena Sports Group.
Although two distinct events, the connection was that Oakley Capital claim to have played a central role in shaping the new America’s Cup Partnership framework.
And it was not until all the loose-ends came together back in August, with the signing of the Protocol and the creation of the ACP, that Oakley Capital’s investment in Athena moved ahead.
An early sign of this was the appointment of Ian Walker (from North Sails) as Chief Executive Officer of Ainslie’s America’s Cup Challenge. Walker listed the ACP as a big part in his decision to make the move (but not mentioning the Oakley involvement), and things were gathering momentum for a successful conclusion.
Even with American Magic stepping away after criticizing the financial viability of AC38, three re-signed teams was a good result . . . at the top end of Ainslie’s earlier guesstimate.
Result . . . a relieved Ainslie was able to post the good news, and take off for some much needed family time in Antigua . . . Leaving yet another heavy hint of his expectation to be managing things from dry land . . . is he trying to tell us something?
The private equity Oakley Group operate across some 40+ investments, one of which – its decade long involvement in North Sails – already has considerable history with the America’s Cup.
Related Post . . .
Ratcliffe walks away from next America’s Cup, claiming Ainslie delay
Ben Ainslie hits back at INEOS dismissal and vows to continue his challenge for 38th America’s Cup
