Ratcliffe’s INEOS Britannia out of next America’s Cup

British billionaire Jim Ratcliffe’s INEOS Britannia sailing team has withdrawn its plan to compete in the next America’s Cup.

The Manchester United co-owner’s INEOS team said it had “reluctantly withdrawn its challenge” after a six-month delay in reaching an agreement with Ben Ainslie’s Athena Racing Ltd.

Former Olympic champion Ainslie left INEOS in January amid reports of a strained relationship with Ratcliffe after the team lost 7-2 to Team New Zealand in the 37th edition of the America’s Cup in Barcelona last year.

“INEOS Britannia announces that it has withdrawn its intention to challenge for the next America’s Cup,” a statement said.

“The agreement that had been reached with Athena would have allowed both parties to compete in the next cup, but it depended on a rapid resolution. INEOS Britannia had agreed the substantive terms very quickly, but Athena failed to bring the agreement to a timely conclusion.

“INEOS Britannia is of the opinion that this six-month delay has undermined its ability to prepare for the next cup and so has reluctantly withdrawn its challenge.”

INEOS had reportedly planned to compete under the Britannia name, but the Athena Racing team said they were “astounded” by a move that raised “significant legal and practical obstacles”.

The two teams engaged into legal action over intellectual property, with the dispute said to be close to a resolution.

“This was a very difficult decision to have taken following our challenge at the last two America’s Cups,” Ratcliffe said.

“We were the most successful British challenger in modern times with an exceptionally quick boat and we felt with the very effective input from the Mercedes F1 engineers that we had a real chance to win at the next cup. Unfortunately, the opportunity has slipped away.”