INEOS Britannia Exits 38th America’s Cup Amid Breakdown with Athena Racing
In a surprising turn of events, INEOS Britannia has officially withdrawn from the 38th America’s Cup after extended but ultimately fruitless negotiations with Sir Ben Ainslie’s newly formed Athena Racing team. This announcement has shaken the British sailing community and left uncertainty over the nation’s future involvement in the prestigious regatta scheduled for 2027.
A Promising Start That Quickly Soured
INEOS Britannia, under the leadership of billionaire Sir Jim Ratcliffe and backed by the technical expertise of the Mercedes Formula 1 team, had initially reached a broad agreement with Athena Racing shortly after the conclusion of the 37th America’s Cup in Barcelona. However, hopes of a continued British challenge were dashed when talks dragged on for over six months without resolution.
INEOS stated that the prolonged delay hampered its preparation capabilities and left the team with no viable path to build a competitive campaign. “This was a very difficult decision to have taken following our challenge at the last two America’s Cups,” said Ratcliffe. “We were the most successful British challenger in modern times with an exceptionally quick boat and we felt with the very effective input from the Mercedes F1 engineers that we had a real chance to win at the next Cup. Unfortunately, the opportunity has slipped away.”
A Divisive Split: From Unity to Rivalry
The withdrawal follows an earlier split between Sir Ben Ainslie and INEOS Britannia, announced in January 2025. The schism created two competing British entities: Athena Racing, led by Ainslie, and INEOS Britannia, now under the management of former COO David Endean. What was once a unified campaign quickly devolved into legal and logistical disputes, complicating efforts to reach a shared solution.
Athena Racing, named in alignment with the British Women’s and Youth America’s Cup team Athena Pathway, accused INEOS of pursuing a challenge that presented significant legal and operational hurdles. Although both teams initially expressed interest in finding a collaborative path forward, the negotiations ultimately stalled.
Financial and Strategic Challenges
Athena Racing faces an uphill battle. Financial disclosures from UK Companies House show that their funding agreement with the INEOS Group expired in December 2024. Without the engineering firepower provided by INEOS’s partnership with Mercedes F1, Athena is left relying on a smaller core crew and fewer resources, despite Ainslie’s deep Cup experience spanning three cycles.
The future of a British challenge in the 38th America’s Cup now hangs in the balance. The Royal Yacht Squadron Ltd (RYS), which supported INEOS Britannia in the last campaign, must now decide whether to endorse Athena Racing or step back entirely from the upcoming regatta.
A Critical Moment for British Yachting
As other international syndicates move forward with solidified plans, Britain’s fractured representation threatens to diminish its competitive edge. Commentators warn that the nation’s lack of cohesion at this stage could make it harder to field a serious contender in 2027.
With INEOS Britannia bowing out and Athena Racing still in financial limbo, the legacy of the UK’s involvement in the America’s Cup faces an uncertain horizon. Whether a new backer steps in or Athena finds a way to rebuild momentum, the next few months will be critical in determining Britain’s sailing future on the world stage.
