America’s Cup: Ineos withdraws intention to challenge for the next event

In a statement, Ineos said “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of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its challenge.”

Ratcliffe, chairman of Ineos, added: “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.”

Athena Racing has been approached for comment.

Ainslie won medals at five consecutive Olympics from 1996 onwards, including gold at four consecutive Games from 2000 to 2012.

Since his triumph at London 2012, his goal has been to claim the America’s Cup for Great Britain, but all his attempts in a British boat, including those backed by Ineos, have ended in disappointment.