FILE PHOTO: British sailor Ben Ainslie of INEOS Britannia attends an interview ahead the 37th America's Cup Match in Barcelona, Spain October 7, 2024. REUTERS/ Albert Gea/File Photo
LONDON (Reuters) - Britain's America's Cup skipper Ben Ainslie said he was astounded at being dropped by INEOS Britannia after failing to win the trophy last year.
Four-time Olympic champion Ainslie's crew was backed to the tune of 100 million pounds ($124 million) by INEOS chief Jim Ratcliffe as he attempted to win the "Auld Mug" for Britain in Barcelona in October.
"Unfortunately, INEOS Britannia and Sir Ben could not find agreement on terms to move forward following the conclusion of the 37th America's Cup in Barcelona," a statement from INEOS said on Thursday.
There were high hopes the financial muscle of British billionaire Ratcliffe, the technical expertise of Mercedes F1 and Ainslie's prowess at the helm would enable Britain to win the trophy for the first time.
Britain reached the final series for the first time in 60 years by defeating Italy but Ainslie's boat was beaten 7-2 by New Zealand, who won it for the third time in a row.
Ainslie had vowed to come back stronger for the 38th edition but that will now not be in partnership with INEOS.
"The British Challenger for the 38th America's Cup, led by Sir Ben Ainslie, was astounded to read today's statement from Ineos and Mercedes F1 regarding their planned challenge for the 38th America's Cup," Ainslie's team said in a statement.
"This plan raises significant legal and practical obstacles for them that will play out in the coming days and weeks."
Ainslie's British America's Cup team will now be known as Athena Racing.
In November, the Royal New Zealand Yacht Squadron (RNZYS) and Emirates Team New Zealand confirmed that they had accepted a Notice of Challenge from the Royal Yacht Squadron Limited, represented by INEOS Britannia.
INEOS boss Ratcliffe, who owns the Grenadiers professional cycling team and a minority stake in Manchester United where he runs soccer operations, said the focus was now on building a boat for the next staging of the historic sailing competition.
"I am enormously proud of what we achieved in Barcelona in developing a British boat that was truly competitive for the first time in decades," he said.
"We will now build upon this for the 38th America's Cup through the INEOS challenge and already have 100 scientists and engineers working on the design of our AC38 yacht."
($1 = 0.8050 pounds)
(Reporting by Martyn Herman; Editing by Toby Davis)
