Details of the claim at the heart of the Ratcliffe / Ainslie America’s Cup asset dispute have surfaced via documents lodged with the Commercial division of the High Court of England and Wales.
New Zealand Journalist Richard Gladwell of Sail-World.com has published a detailed break-down of the Claimant, the Sir Jim Ratcliffe-owned INEOS RACING LIMITED, case against Sir Ben Ainslie’s Athena Racing Ltd on 15 April 2026.
The Defence/Counter Claim from Athena Racing, now the Challenger of Record for the 38th America’s Cup in 2027, is not available.
At the heart of the matter is the AC75 yacht Britannia, that was used in the AC37 America’s Cup and which Athena Racing is believed to be modifying to use for the next America’s Cup taking place in 2027.
This situation was ignited when Ratcliffe basically sacked Ainslie from the Ineos Britannia AC challenger team back in January 2025, saying that they “could not find agreement on terms to move forward” for a third America’s Cup campaign, and appointed a new CEO.
Ainslie hit-back with a statement that his British America’s Cup team would be known as Athena Racing going forwards, aligning with the British Women’s and Youth America’s Cup team, the Athena Pathway.
Ainslie eventually obtained backing from the private equity firm Oakley Capital, with Ainslie apparently having control of the AC75 Britannia, used in the 37th America’s Cup via his Athena Racing Team. The AC75 and the Ainslie AC team are now renamed GB1.
An Ineos statement then followed declaring; “INEOS is surprised that the boat we built for the last America’s Cup (AC 37) has been taken by Athena Racing. The boat belongs to Ineos and it is inappropriate to assume it can be used for the next competition without seeking our permission.”
After a period of quiet by both parties, it now appears that agreement has not been possible and it is heading to Court.
The stalemate while court action is considered is likely to effect the work required to prepare the GB1 AC75, and possibly the team’s entry to the Preliminary AC40 Regatta in Cagliari from 16 May to 20 May.
And depending on the dispute outcome, the British challenge for the 38th America’s Cup could be over.
The case has now been transferred to the Admiralty Court in the UK.
Related Post:
Jim Ratcliffe’s Ineos group claim ownership of Ainslie America’s Cup boat
Ben Ainslie hits back at INEOS dismissal and vows to continue his challenge for 38th America’s Cup
