America’s Cup rival could lose main backer

By Sam Wallace, Tom Cary & Tom Morgan of Daily Telegraph UK

Sir Jim Ratcliffe’s backing of four-time Olympic gold medallist sailor Ben Ainslie to win the America’s Cup is on the brink of collapse.

Ratcliffe, the Manchester United co-owner, has funded two attempts at winning the America’s Cup, with Ainslie’s team most recently losing the final series of the 2024 edition to New Zealand in October.

Ainslie’s racing expertise and the financial might of Ratcliffe’s chemical conglomerate Ineos, as well as its crucial connection with the Mercedes Formula One team, proved a strong combination – but Telegraph Sport understands tensions between the two men have emerged.

The long-term sponsorship of Ainslie’s team by Ratcliffe and Ineos ahead of the next America’s Cup is in danger as a result. The 72-year-old billionaire is deep into trying to turn around United in the midst of a dire run and a low-key January transfer window.

The British Ineos-sponsored Britannia yacht won the Louis Vuitton Challenger Series and the right to challenge New Zealand for the America’s Cup last year. The British Ineos boat ultimately lost that series 7-2, albeit the two victories were the first in the America’s Cup for a British boat since 1934.

Ainslie, 47, is Britain’s most successful competitive sailor and has consistently said that, regardless of Ratcliffe, he is ready to compete again for the next America’s Cup. That event does not yet have definitive dates and those ultimately will be set by Cup holders New Zealand.

Ratcliffe is understood to have spent as much as £200 million ($434.6m) on two attempts to win the America’s Cup – only reaching the final itself on the second occasion last year.

A key part of the Ineos Britannia team is its partnership with Mercedes Formula One in which Ineos has a one-third stake. In October, Ratcliffe told Telegraph Sport that he was committed to the next America’s Cup but was also looking for additional third-party sponsorship.

In December, Ratcliffe increased his share in United to 28.94% with a final instalment payment of £79m. The total value of his stake is now just over £1.25 billion. The original deal was struck one year ago with the Florida-based Glazer family who have controlled the club for the past two decades. Ratcliffe’s most recent investment of a further £79m last month increased his stake to its current level.

As well as with Ainslie and Mercedes Formula One, Ineos has had many sports sponsorships and partnerships, including cycling’s Ineos Grenadiers, formerly Team Sky. Last week, Ineos Grenadiers chief executive John Allert announced that Ratcliffe was not prepared to spend additional funds on the team and is seeking a second title sponsor.

It has also partnered with the All Blacks. As well as its stake in Manchester United it owns the French Ligue 1 club Nice and the Swiss Super League club Lausanne-Sport. While the Glazer family maintains the majority stake in United, it is Ineos and Ratcliffe who have negotiated the control of the football operations after a prolonged sales process.

Ineos, under Ratcliffe, have been in control of United for a year now and have been beset by crisis on the pitch in recent weeks. Their new manager Ruben Amorim, who has lost seven of his first 15 matches said after Sunday’s home defeat by Brighton and Hove Albion that this United team were the worst in the club’s 147-year history.

Although they did win the FA Cup last May, the subsequent sackings of Erik ten Hag and then the recently appointed sporting director Dan Ashworth, has meant that the club has been obliged to spend money that has reduced its available transfer funds under Premier League financial controls. As a result Amorim has found himself limited in being able to make changes this month. Over the past year Ratcliffe has overseen a major redundancy programme of 250 rank and file staff at Old Trafford.

Ineos and Ainslie were approached for comment.

This article was first published on nzherald.co.nz and is republished here with permission