24/01/2025
Ben Ainslie set for Ineos split after tensions with Sir Jim Ratcliffe
The partnership between Olympic sailor and Manchester United co-owner has broken down only three months after a British boat contested the America’s Cup match for the first time in 60 years.
Ben Ainslie is close to a shock split with Sir Jim Ratcliffe only three months after their alliance led to a British boat contesting the America’s Cup for the first time in 60 years.
It is understood that relations between Ainslie, the four-times Olympic champion, and Ratcliffe, the Ineos chief executive and Manchester United co-owner, have deteriorated as plans for another campaign have been discussed.
Ratcliffe and Ineos have ploughed about £240million into the America’s Cup project, but both he and Ainslie made it clear they did not want Ineos to be the sole sponsor for the next attempt, which is likely to be in 2027.
Last year the Ineos Britannia boat became the first from Britain to win a race in the America’s Cup match for 90 years, but eventually lost 7-2 to Emirates Team New Zealand in Barcelona.
Afterwards Ainslie, 47, explained why he wanted a portfolio of backers rather than just one title sponsor. “Because it would unburden Ineos and Jim — who’s got plenty going on right now — and would also be good for the team,” he said. “If we are able to bring in some other commercial partners, that gives us more long-term security. Since we first partnered up they have got other responsibilities with other sports teams, most famously Manchester United.”
Ratcliffe has funded two tilts at the America’s Cup after meeting Ainslie over a beer. The sailor has led the British challenge for more than a decade.
However, Ratcliffe has faced heavy criticism for his stewardship at Old Trafford, where he has a 27.7 per cent stake and has invested more than £1billion, only for the club to be struggling in the Premier League.
Ratcliffe made 250 staff redundant at United last year. Sir Alex Ferguson, the club’s most successful manager, stepped down from a £2.1million ambassadorial role in October. At the same time the club is considering building a new 100,000 stadium which could cost about £2.3billion.
Last week the Grenadiers cycling team also admitted it would need outside funding, with its title sponsor Ineos no longer prepared to provide additional funding. John Allert, the Grenadiers chief executive, said: “I think it’s fair to say that Ineos don’t want to spend more money.” The team has struggled for success in the grand tours with an annual budget of about £45million.
Ainslie has needed the Ineos money to fuel his long-held dream of winning the America’s Cup for Britain, but the relationship has not all been bonhomie and Ratcliffe was critical of the team’s results in the preliminary regattas last year. “We can both call a spade a spade,” Ainslie said at the time.
At the end of the America’s Cup, Ainslie said that he was committed to another campaign, although he stressed he would step away from the boat if he felt it was for the good of the team. Ratcliffe was also on board at the time. “I think we’ll definitely go again,” he said in October. “We will probably step out and bring in some other funders as well as ourselves. I wanted to fully fund it [previously] so we didn’t operate by committee.”
The partnership with Mercedes’s Brackley–based Formula 1 engineering talent was central to the previous campaign, and Ainslie is keen to get his backers in line as soon as possible to help bridge the gap to Team New Zealand.
Editor in Chief - YachtExpert - Revista Nautică Română
