Sir Jim Ratcliffe has launched legal action to reclaim a £180m America’s Cup yacht from Sir Ben Ainslie.
The billionaire founder of Ineos funded Ainslie’s British challenge for the 2021 and 2024 campaigns, with total backing estimated at £350m.
The yacht, Britannia, was central to the team’s 2024 run in Barcelona, where Ainslie led Britain to the challenger series win before losing the final to New Zealand.
Relations between Ratcliffe and Ainslie later deteriorated, with the partnership ending months after the campaign.
According to a report by the Daily Mail, Ineos said it had “recently received information” that Ainslie’s team, now rebranded as GB1, was in possession of the boat.
“The boat belongs to Ineos and it is inappropriate to assume it can be used for the next competition without seeking our permission,” the company said.
“Ineos is taking legal steps for the boat to be returned.”
Ineos added that the yacht “was the most successful British boat in history” and formed part of a wider £350m investment across two America’s Cup cycles.
Ainslie’s team rejected the claim, stating that ownership rests with Athena Racing.
“It should come as no surprise to Ineos that assets which are owned by, and have always been in the possession of, Athena Racing are being used for AC38,” GB1 said.
The dispute centres on control of assets following the split, with uncertainty over whether Ineos retained ownership rights despite its financial backing.
Ainslie previously described the break with Ineos as “a difficult decision”, citing “different opinions on how to move forwards”.
The next America’s Cup is scheduled for Naples in 2027.
Read much more in the Daily Mail here
