INEOS Britannia has announced that it has withdrawn its intention to challenge for the next America’s Cup.
A statements read: “The decision has been taken after a protracted negotiation with Athena Racing Ltd following the conclusion of 37th America’s Cup in Barcelona. The agreement that had been reached with Athena 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 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of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its challenge.”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 to win at the next Cup. Unfortunately, the opportunity has slipped away.”
