Sir Jim Ratcliffe has abandoned plans to challenge for the next America’s Cup. An announcement on the INEO website reads:
INEOS Britannia announces that it has withdrawn its intention to challenge for the next America’s Cup. The decision has been taken after a protracted negotiation with Athena Racing Ltd following the conclusion of 37th America’s Cup, last year in Barcelona. The agreement that had been reached with Athena Racing 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 has 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of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its intention to challenge.
Commenting on the decision, Sir Jim Ratcliffe, Chairman of INEOS said, “This was a very difficult decision to have taken following our challenge at the last two America’s Cups. 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 at the next Cup. Unfortunately, the opportunity has slipped away.”
Hopefully there will be more news soon from Sir Ben Ainslie and Athena Racing as to whether any agreement has been reached with regards assets and IP and whether they will continue with their Challenge.
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