When you dance with the devil

After the 2017 America’s Cup, Britain’s Ben Ainslie partnered with Jim Ratcliffe to continue his pursuit, shedding his environmental messaging for funding from the INEOS chemicals group. But when you dance with the devil, the devil doesn’t change.

Ainslie is learning that now.

After campaigns in 2021 and 2024 as Ineos Britannia, the duo had a messy split. But the fight over assets was seemingly resolved, Ainslie’s team Athena Racing (and now called GB1) had secured a new funding partner, and Ratcliffe – the richest person in the UK – was seemingly out of the picture. And then the other shoe dropped.

This statement was released on March 21:
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INEOS is surprised that the boat we built for the last America’s Cup (AC37) 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 seeking our permission. The boat was the most successful British boat in history and cost INEOS £180m and evolved naturally from the first boat which cost a further £170m. INEOS is taking legal steps for the boat to be returned.
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This is the boat Ainslie was to race, and has been getting the modifications necessary for the 2027 America’s Cup. With the Challenger racing to begin in a year, and the 38th Match on July 10-18, what more can be said about Ratcliffe than, well played!

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

Defender New Zealand and Challenger of Record from Great Britain confirmed the Protocol for the 38th America’s Cup on August 12, 2025. The close of the initial entry period was October 31, 2025, with late entries considered up to March 31, 2026. If no USA team participates in the 38th America’s Cup, it will be the first time in the event’s 175-year history.

Current entrants:
• Emirates Team New Zealand (NZL) – Defender
• Athena Racing (GBR) – Challenger of Record
• Luna Rossa (ITA) – Challenger
• Tudor Team Alinghi (SUI) – Challenger
• La Roche-Posay Racing Team (FRA) – Challenger

After the 2024 event, Barcelona, Spain declined hosting another edition, with the venue moved to Naples, Italy. Challenger racing begins in the spring before the 38th Match on July 10-18, 2027.

Preliminary Regattas:*
May 21-24 – Cagliari, Sardinia

* More are to be announced.