Sir Jim Ratcliffe’s Ineos Group is taking legal action against Sir Ben Ainslie over the boat built for the 2024 America’s Cup.

Ratcliffe and Ainslie worked closely together across two cycles of the famous sailing competition, culminating in a historic but ultimately unsuccessful challenge for the title 18 months ago.

The two men have since fallen out over plans for a third bid. In April 2025, Ineos announced it had “reluctantly withdrawn its challenge” for next year’s race, claiming a six-month delay in reaching an agreement with Ainslie’s Athena Racing had “undermined its ability to prepare” for the event.

On Saturday, Ineos released a statement expressing “surprise” that Ainslie’s Athena Racing has kept the boat – named Britannia – which was used in 2024. Ineos Britannia became the first British team to win the challenger series but were then beaten 7-2 by Emirates Team New Zealand in Barcelona.

“Ineos is surprised that the boat we built for the last America’s Cup has been taken by Athena Racing,” read the statement. “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.”

Ineos Britannia race Emirates New Zealand off the coast of Barcelona in 2024. Photograph: Matteo Secci/Zuma/Shutterstock

Ainslie’s team, now rebranded as GB1, will be the challenger of record for the 38th America’s Cup in Naples next year, with Oakley Capital announced as major investors in December.

Later on Saturday GB1 issued a statement in response, in which they said they “appreciate the sponsorship and support of Ineos over the last two campaigns” but maintained the boat belonged to them.

“It should come as no surprise to Ineos that assets which are owned by, and have always been in the possession of Athena Racing are being used for AC 38 [America’s Cup 38],” the statement added.