Cup Spy: Sorry Ben, but Jim wants his £180m boat back. New Cup entries look likely.
by Richard Gladwell Sail-World NZ 21 Mar 10:01 PDT
In happier times Sir Ben Anslie, and Sir Jim Ratcliffe celebrate the INEOS Britannia win in the Louis Vuitton Cup - October 4, 2024 - Barcelona © Ian Roman / America's Cup
The Daily Telegraph (UK) is reporting that the INEOS founder, Sir Jim Ratcliffe, has commenced legal action to retrieve the AC75 currently in possession of his estranged business. partner, Athena Racing.
Initially reported in their online Saturday edition and reprinted prominently on Page 3 in the Sunday paper edition, sailing journalist Tom Carey reports that: "Sir Jim Ratcliffe is taking legal action to force Ben Ainslie to hand back the £180m boat” they built together for the last America’s Cup."
Ainlie has claimed several times, in quite specific media questioning, that he owns the AC75 and the assets from the 2024 America's Cup, and has always maintained he has full control and ownership. That question looks set to be argued in Court.
In a statement attributed INEOS and published on Saturday, in the Daily Telegraph, INEOS said it had “recently received information” that Ainslie’s team for the 38th America’s Cup – which has now been rebranded GB1 and is being backed by private equity firm Oakley Capital – was “in possession of the boat built and used during AC37 [in Barcelona]”.
The statement added: “INEOS is surprised that the boat we built for the last America’s Cup (AC 37) has been taken by Athena Racing. 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.”
The rest of the story looks again at the stand-off between the INEOS sport organisation and Sir Ben Ainslie's Athena Racing, which is currently the team challenging for the America's Cup via the Royal Yacht Squadron. Now backed by Peter Dubens and his investment arm, Oakley Capital, Ainslie has twice maintained, on video, that Athena Racing owns all of the assets from the 2024 America's Cup, including the AC75, AC40s and other gear. The AC75 is believed to be at an undisclosed location, being repurposed to take battery power instead of cyclors to pump/pressurise the hydraulic oil used to adjust the sail controls.
The split between the two was announced by INEOS in early 2025, saying INEOS was splitting with Athena Racing. Ainslie's camp immediately issued a counter-statement, claiming they were "astounded" by the announcement.
In the Daily Telegraph story, Sir Jim also made reference to the first AC75, which sailed in the 2021 America's Cup in New Zealand. However that boat, which to the surprise of most pundits, was the first qualifier for the 2021 Challenger Final, now sits in a museum in Cowes. It was recently taken inside for some tidy-up and maintenance, sparking rumours that Ainslie was going to modify that hull for the 2027 Cup, but he has at least twice maintained, on video, that he owns the 2024 Louis Vuitton Cup winner.
The latest row appears to have been sparked by INEOS's media statement, which was published by both The Times and The Daily Telegraph. Athena Racing responded some time later wth a statement of their own. The INEOS statement comes on the back of the first week of sailing in an AC40, by the British team skippered by 49er Olympic Gold medalist Dylan Fletcher, along with other members of the Athena Racing America's Cup team. The AC40 was sailed out of Cagliari in the build-up to the first America's Cup Preliminary Regatta in two months. Unfortunately, the Brits capsized on the first day out, attracting widespread publicity, and that probably caught the attention of Sir Jim's legal team.
The Athena Racing had previously sailed an AC40 out of Barcelona, primarily to publicise the re-signing of one of their 2024 sponsors.
At least two Late Entries circling
Entries for the 38th America's Cup to be staged in Naples close in just over a week on March 31.
The deadline for Late Entries is not expected to be extended, having already been extended by 2 months from the initially published date of January 31.
The new Late Entries are expected from Australia, led by Tom Slingsby and Glenn Ashby. They are believed to have reached a deal to take over Emirates Team NZ's 2021 Challenger, which has already been repurposed once to install cyclors, replacing hand-grinding stations to provide the hydraulic pressure needed to make sail control adjustments.
Yesterday, an online live sailing show, Sailing Illustrated, beaming out of San Francisco, provided more detail on the Czech Challenge, bankrolled by Karel Komárek, a prominent Czech billionaire businessman, investor, and philanthropist. Host Tom Ehman elaborated on private conversations he'd had with sailing operations director, Ken Read, who is also the President of North Sails, owned by North Technology, which is owned by the aforementioned, Oakley Capital.
The Czech Challenge, which will shift to a US-based yacht club, is said to be having difficulties with the requirements of the America's Cup Partnership.
The soon-to-be US-based team is said to be at an advanced stage of negotiations to acquire the previously "not for sale" AC75 of 2024 America's Cup Challenger, American Magic, which has pivoted to the SailGP circuit. Team Owner Doug DeVos recently acquired the Danish Rockwell SailGP team, after announcing it would not be competing in the 2027 America's Cup.
A second US team, Riptide Racing, has not made any announcements with their progress to an America's Cup Challenge since late December 2025.
Other than a flurry of initial rumours in the Italian media, nothing has been heard of the second Italian Challenger.
Italian sources report that a third entry (from outside Italy) is a possibility. The primary challenge will be to acquire an AC75, which can be repurposed for training, and will then be competitive as a raceboat for the 2027 America's Cup.
According to Ehman, the prices for used AC75s doubled after the Czech Challenge began operations.
America's Cup Legal - new episodes
Sailing Illustrated, and a second sailing show, Inside Great Lakes Sailing, have updated on the complaint lodged with wth New York Attorney General, by former America's Cup sailor and organiser John Sweeney, opining that various aspects of the America's Cup Partnership are inconsistent with the Deed of Gift that governs the ongoing conduct of the America's Cup.
A letter acknowledging the complaint has been issued by the New York Attorney General's office. Sweeney claims his email levels with the NYAG office has increased of late.
Para-team rebuffed
Argo Challenge, which is comprised of some sailors with disabilities, has attempted to compete in the 2027 Youth and Women's America's Cups, but requested two exemptions to form the crews: age and nationality, according to a leading Italian sailing journalist, Fabio Pozzo, writing in Milan-based newspaper La Stampa. He says the proposals were supported by the Challenger of Record and Defender, however it was thwarted by other teams in the America's Cup Partnerhip. "The matter is not yet settled, however. It's likely a compromise solution will be found: no competitions this year, but still a platform for the team and what it represents," Pozzo says.