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6 days ago
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Sir Jim Ratcliffe's Ineos Britannia sailing team has abandoned its challenge for the next America's Cup.
It blamed "a protracted negotiation" with Athena Racing - the team of Ineos' former skipper Sir Ben Ainslie.
The four-time Olympic champion helped the British boat reach a first final since 1964 in Barcelona last year, but then split with Ineos in January.
Ainslie, 48, had a strained relationship with Manchester United co-owner Ratcliffe regarding plans for the 38th America's Cup, which prompted them to part ways.
Ineos had planned to compete under the Britannia name, but Ainslie's Athena Racing team said they were "astounded" by the move, and it raised "significant legal and practical obstacles".
The two parties have been engaged in legal action over intellectual property since then, which sources suggest is now close to being resolved.
In February, Athena Racing claimed it was the official Challenger of Record for the 38th America's Cup.
In a statement, Ineos said "The agreement that had been reached with Athena would have allowed both parties to compete in the next Cup, but it depended on a rapid resolution.
"Ineos Britannia had agreed the substantive terms very quickly, but Athena failed to bring the agreement to a timely conclusion.
"Ineos Britannia is of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its challenge."
Ratcliffe, chairman of Ineos, added: "This was a very difficult decision to have taken following our challenge at the last two America's Cups.
"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."
Athena Racing has been approached for comment.
Ainslie won medals at five consecutive Olympics from 1996 onwards, including gold at four consecutive Games from 2000 to 2012.
Since his triumph at London 2012, his goal has been to claim the America's Cup for Great Britain, but all his attempts in a British boat, including those backed by Ineos, have ended in disappointment.
