In a surprising development for the competitive sailing world, INEOS Britannia has formally announced its withdrawal from the 38th America’s Cup, citing prolonged and unresolved negotiations with Athena Racing Ltd as the primary reason behind the decision.
The British team, which served as the flagship for several major INEOS brands, had been preparing to build on its strong performance from the 37th America’s Cup in Barcelona. However, despite an agreement that would have enabled both INEOS Britannia and Athena to field teams for the next Cup, the deal was contingent on a swift resolution — a condition that, according to INEOS, was not met.
“INEOS Britannia had agreed the substantive terms very quickly, but Athena failed to bring the agreement to a timely conclusion,” the team said in an official statement. “This six-month delay has undermined our ability to prepare effectively, and so we have, with great reluctance, withdrawn our challenge.”
The decision marks a major turning point for the team, which had positioned itself as the most successful British challenger in modern America’s Cup history. Their last campaign featured an innovative and fast vessel, bolstered by the high-performance engineering expertise of the Mercedes-AMG Petronas Formula One Team.
“This was a very difficult decision to have taken following our challenge at the last two America’s Cups,” said Sir Jim Ratcliffe, Chairman of INEOS. “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.”
The withdrawal casts a shadow over British hopes for the next America’s Cup, with INEOS Britannia having represented the most well-funded and technologically advanced effort the nation has seen in decades.
As the sailing world digests the news, the focus now turns to how this decision will reshape the field of competitors heading into the 38th America’s Cup, and whether another British syndicate will rise to take INEOS Britannia’s place on the start line.
