The future of Ineos Britannia, the America’s Cup sailing team led by British sailing legend Ben Ainslie, is reportedly in jeopardy as tensions rise between Ainslie and Ineos owner Sir Jim Ratcliffe. According to reports from The Telegraph, the chemicals giant, which has invested approximately UK£200 million (US$246 million) into the team, is considering pulling its financial backing.
Ineos, co-owned by Ratcliffe, has played a significant role in supporting Ainslie’s bid to secure Britain’s first America’s Cup victory since 1934. The investment has extended beyond financial backing, with technical support provided by the Mercedes Formula One team, in which Ineos holds a stake. Despite these efforts, Ineos Britannia fell short in last year’s America’s Cup final, losing 7-2 to defending champions Team New Zealand. The two victories achieved in the series marked a historic milestone, representing the first wins by a British boat in nearly 90 years.
Although Ainslie expressed his commitment to pursuing another campaign following the defeat, uncertainty now looms over the team’s future. With no confirmed dates for the next America’s Cup, Team New Zealand retains the authority to determine the timeline of the event. The potential withdrawal of Ineos’ investment could leave Ainslie scrambling to secure alternative funding to keep the campaign afloat.
Ratcliffe, who initially voiced his commitment to another challenge "regardless of the outcome," indicated last October that he was open to bringing in external sponsors to share the financial burden. This potential shift in strategy comes as Ratcliffe deepens his focus on other sporting investments. In December, he increased his stake in Manchester United to 29 per cent, with his total investment in the Premier League club surpassing US$1 billion. His influence at the club has grown, resulting in significant changes, including the redundancy of 250 staff members and the possible development of a new 100,000-seat stadium to replace Old Trafford. However, the team continues to struggle on the pitch, languishing in 13th place in the league.
Beyond football, Ineos also owns French Ligue 1 club OGC Nice and Swiss side Lausanne-Sport. The company remains a major stakeholder in cycling through the Ineos Grenadiers team. However, recent remarks by Grenadiers chief executive John Allert suggest that Ineos is reevaluating its financial commitments, with the cycling team now seeking additional sponsorship to sustain operations.
As Ineos continues to diversify its sports investment portfolio, the possible withdrawal from Ainslie's America’s Cup project underscores the evolving priorities within the conglomerate. Whether Ainslie can secure new financial backing or persuade Ineos to maintain its support remains a pivotal question for the future of British sailing's premier team.