America's Cup: Billionaire backer of Britannia yet to commit beyond Barcelona, Sir Ben Ainslie says

Saturday, 12 October 2024

Sir Ben Ainslie reacts to a rousing haka at the final press conference before the America's Cup got underway.

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Britannia’s billionaire backer has made no commitment to support their America’s Cup team beyond Barcelona.

Sir Ben Ainslie, the British team’s principal and co-helmsman, said Sir Jim Ratcliffe was yet to decide if the sailing syndicate would remain part of his INEOS sporting group which also backs the Mercedes Formula One team and English football giants Manchester United.

Ainslie made the frank revelation on the eve of the America’s Cup match race against Team New Zealand in Barcelona on Sunday (NZ time), which features a British team for the first time in 60 years.

INEOS, one of the world’s largest chemical companies, has invested millions into Britannia since 2018 and was the team’s chief sponsor for their Auckland campaign in 2021, then Barcelona.

Sir Ben Ainslie was speaking at Barcelona’s press conference on the eve of the 37th America’s Cup match race.

Ainslie didn’t seem flustered. The uncertainty over their future is unlikely to unsettle the crew’s focus ahead of Great Britain’s historic challenge by the Spanish coast.

“Jim and INEOS have been incredible backers of the team,” Ainslie said.

“This is the second go around. They come in and give this huge support.

“Ultimately, they haven't made any commitments to the future.

“But, as the leader of the team, I can tell you that whatever the result here, we're going to be continuing on.”

Ainslie’s team was established in 2014 with the aim of winning the Auld Mug for Britain for the first time. No nation has had more unsuccessful challenges in the Cup’s 173-year history.

Ratcliffe, a self-confessed sports nut, is a notoriously ruthless businessman and might be waiting to see how Britannia perform against the favoured Kiwi team in the Cup’s 37th decider.

Sir Jim Ratcliffe has not yet committed to backing Britannia’s America’s Cup team beyond Barcelona.

One of the UK’s richest people, Ratcliffe has been closely following Britannia’s progress through the challenger series.

He was regularly on a chase boat by the race course and stepped onboard their AC75 when the crew were presented the Louis Vuitton Cup after defeating Luna Rossa in a relentless challenger final.

Losing the billionaire’s resources would be an undoubted blow for Britannia, who have been sharing the design and engineering expertise of Mercedes at their team’s base in Brackley, England.

Ratcliffe’s fortune is worth an estimated US$16.5 billion (NZ$26.9bn), according to Forbes.

Great Britain will have a boat in the America’s Cup match for the first time in 60 years.

If he pulls the plug, the Brits would have to find another source of funds for their next campaign.

Britannia have also had teams in the Cup’s women and youth events in Barcelona, but neither have been associated with the INEOS name. Instead, they have been branded under Athena Pathway.

Britain’s women and youth teams have not sailed with the INEOS sponsor.

“We've built a fantastic organisation over the last 10 years,” Ainslie said.

“What an opportunity we've got coming up now, but also into the future, not just with the America's Cup, but also the Athena Pathway programme with the youth and women.

“We've got some fantastic sailors in the UK. This is just the start of a great future for the team.”

Britannia weren’t a genuine challenger until 2017 in Bermuda, losing in the Louis Vuitton Cup semifinals to Team NZ, who regained the Auld Mug from Oracle Team USA.

The Brits were also beaten at the semifinal stage by Luna Rossa in Auckland in 2021. They have been the challenger of record in the Cup’s 37th cycle ahead of Barcelona.

The last British challenge in the Cup’s match race was in 1964 when the Sovereign team lost to American syndicate Constellation in Newport, Rhode Island.