Ratcliffe vs Ainslie row reignites to undermine GB1 project

Ricardo Pinto/America's Cup

22nd March 2026 8:27am

Just this week we were reporting on the air of optimism and fresh energy surrounding the America’s Cup British Challenger of Record, as the newly-named GB1 crew hit the water for the first time in their AC40 in Cagliari.

Now this weekend a black cloud has appeared over the project, in the shape of Ineos chief Sir Jim Ratcliffe, who on Saturday announced he is “taking legal steps” to demand the return of the £180 million boat in which he and Sir Ben Ainslie took on the 37th running of the Cup in 2024.

The split last year was acrimonious, that much was obvious. But it’s now also clear that despite Ainslie’s rebrand under his Athena Racing concern with backing from Oakley Capital, Ratcliffe is far from ready to drift quietly out of the picture.

“Ineos is surprised that the boat we built for the last America’s Cup has been taken by Athena Racing,” read the Ineos statement. “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.”

Ainslie and GB1 quickly responded with its own statement. “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.

“Our America’s Cup team, GB1, alongside our Women’s and Youth America’s Cup squads are currently training together in Cagliari in preparation for the preliminary America’s Cup regatta in May. The 150-strong team based out of Portsmouth are focused on the task at hand, working with some of the best British technology companies and developing skills and careers for generation to come.

“We will always appreciate the sponsorship and support of Ineos over the last two campaign, culminating in the team becoming the most successful British Challenger in 60 years in Barcelona 2024.”

The reignited row between the two knights – one Britain’s most famous sailor, the other the UK’s most infamous industrialist and sports investor – has lifted sailing back on to the mainstream news agenda. But now what?

The preliminary regatta takes place from 21-24 May, with GB1 planning to field two AC40s for the fleet racing that weekend: one with their main crew, another with their youth and women mixed squad. But will the Ineos action scupper that plan?

The Foil will be diving deeper into the story this week as we consider what this means for GB1 and AC38 in the weeks and months to come.