The tension between Sir Jim Ratcliffe, the magnate and co-owner of Manchester United, and British sailor Ben Ainslie has reached alarming levels, with a legal conflict at stake involving a sailing boat valued at an impressive €210 million. This disagreement, which unfolds after an initially promising partnership in the America’s Cup, highlights not only the personal rivalry between the two but also deep issues concerning ownership and control in the elite world of sailing.
Ineos, the petrochemical giant co-founded by Ratcliffe, has decided to take legal action to demand the return of the boat that made history during the 37th edition of the America’s Cup, held in Barcelona. The boat, which was a symbol of success for Ainslie’s team and Ineos, is now a point of contention after Ineos announced that Ainslie retains possession of it, despite being funded by the company.
The partnership between Ratcliffe and Ainslie, which initially seemed promising, began to deteriorate in January 2025 when Ratcliffe announced the end of the collaboration. He justified the decision by stating that it was not possible to reach an agreement on the terms for a third campaign. Despite the negative outcome, Ratcliffe plans to launch a new challenge in the 38th America’s Cup, which will take place in Naples in 2027, while maintaining technical links with the Mercedes Formula 1 team, in which he holds a significant stake.
On the other hand, Ainslie expressed his perplexity regarding Ratcliffe’s decision, stating that there are “significant legal and practical obstacles” complicating the situation. Although Ratcliffe attempted to move forward with his plans, his challenge was abandoned due to prolonged negotiations with Athena Racing, the team led by Ainslie. The tension between the parties became more evident when Ineos claimed to have received information that the boat, built specifically for the latest edition of the competition, was in the possession of Athena Racing, which now presents itself as GB1 and is backed by Oakley Capital.
In a statement issued, Ineos expressed its surprise and indignation: “The boat we built for the last America’s Cup 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 our permission. This boat has been the most successful in British history and cost Ineos 210 million euros.” The company also revealed that it has taken legal action to ensure the return of the boat and that it will not make further comments while the legal process is ongoing.
The focus of the dispute seems to center on the ownership and control of the team. Ineos claims to have invested a total of 404 million euros in Ainslie’s campaigns, but the question of whether that investment conferred rights over the assets remains unclear. The team is officially owned by Athena Racing Ltd, controlled by Ainslie, who, despite having sold a majority stake to Oakley Capital, continues to assert that Ineos has always been merely a sponsor and not the owner of the team.
Athena Racing, for its part, reacted to the turmoil, stating that “it should not be a surprise to Ineos” that the team continues to use the boat, as it “is owned and has always been in the possession” of Athena. This clash is not just a legal battle; it also represents a cultural clash between the business world and sports, where ambition and rivalry can lead to dramatic and public misunderstandings. Meanwhile, the outcome of this conflict promises to be as thrilling as the races of the America’s Cup itself.
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