It seems that the fallout between Sir Ben Ainslie and Sir Jim Ratcliffe over their America’s Cup venture was just the ‘canary-warning’ for what was to come.
Early in 2025 the most successful British America’s Cup skipper in 60 years, was replaced as CEO of the INEOS Britannia AC organisation by Ratcliffe and he announced they would challenge for the 38th America’s Cup without Ainslie.
Ainslie was ‘astounded’ by the INEOS statement regarding their planned challenge for the 38th America’s Cup, and set about obtaining alternative financial backing.
Backing which he has now obtained and is continuing as Challenger of Record for the 38th America’s Cup in 2027.
Meanwhile, Ratcliffe Chairman of the INEOS chemical/oil empire, suddenly abandoned his Ineos team challenge for the America’s Cup, blaming “a protracted negotiation” with former skipper Ainslie and his Athena Racing team.
While Ainslie has suffered something of an ‘annus horribilis’ in 2025 it looks as if he was riding a much bigger wave, a financial breaking wave that is looking to engulf Sir Jim as he dumps access baggage to survive . . . The America’s Cup venture just early collateral damage.
The Sunday Telegraph recently claimed that Ratcliffe was battling to save his Ineos empire from £18bn of debt as his main chemical plants come under pressure.
The widespread sponsorship deals that took in Football, Cycling, and F1 as well as Ainslie’s America’s Cup team have gone, and his move into the car industry with the Land Rover replica styled Grenadier has racked up billion pound losses.
So perhaps Ainslie has come out of the financial storm better than he could have expected in January, with the new structure that was forced on him providing a better basis to enter the America’s Cup challenge again.
Ratcliffe’s expansive Ineos backing was undoubtedly what was required when they held that iconic meeting at The Prospect of Whitby in March 2018 . . . But after the second failed (but close) attempt, that combination looked to have run its course, and was beginning to look dangerously like a press-play-to-repeat situation.
The forced reset that has resulted from the acrimonious split may just provide the impetus to change the embeded mindset and move on.
The results in AC37 were the best by a British challenger in 60 years and the first time a British entry had made it into the actual Cup match race in the modern era of multiple challengers. But the final performance fell short and they now have to find something new from the same A75 hull that was beaten 7 – 2 in the last America’s Cup.
With Ian Walker now taking over as CEO Athena Racing (British America’s Cup team) – part of the developing Athena Sports Group (ASG) – Ainslie now has the opportunity to oversee the required redesign and rebuild of the former Ineos Britannia AC75 (assuming he has acquired ownership) while also leading his successful Emirates GB SailGP Team.
And the New Year will kick-off in January 2026 with an expanded 13 venue SailGP worldwide circuit.
At the same time preparing for the pre-AC38 events – in AC40 yachts – due to be held in 2026. And undoubtedly there will be shakedown problems as the new America’s Cup Partnership format beds in.
Since the announcement of the investment from Oakley Capital, Ainslie has looked more relaxed. And in a recent podcast covering the past year, he was surprisingly open on the chances of winning the next America’s Cup . . . ‘I definitely put us in the dark horse category, but I wouldn’t say it’s impossible.’
And a Happy New to all.
Related Post . . .
America’s Cup – The way ahead as the dust settles on Ben Ainslie’s ‘annus horribilis’
