Shrinkage for America’s Cup sponsor

The cost of an America’s Cup campaign is not to brag about. It’s the kind of money that can help cure cancer, with the British America’s Cup challenger in 2024 allegedly spending north of a 130 million USD.

Their campaign was funded by James Ratcliffe, owner of the INEOS petrochemicals company, who at the time was Britain’s second-richest man. Then he slipped to fourth and now to seventh on the annual list of the UK’s 350 richest people.

Ratcliffe has seen his wealth fall by more than a quarter of his fortune in the last year – from 31.4b to 22.8b USD – due to the struggling chemicals industry in Europe because of “high energy taxes and extreme carbon taxes”, along with “the deindustrialisation of Europe”.

He has stepped out of the ring for the next America’s Cup, answering the question: How do you make a small fortune in boating? Start with a large one!

Details: https://www.americascup.com/

No entries have yet been submitted for the 38th America’s Cup as Defender New Zealand works with the Challenger of Record from Great Britain to organize the event. The two teams have agreed on some details with the venue moved to Naples, Italy after Barcelona, Spain declined hosting another edition. Racing will be in the spring and summer of 2027.