Sir Jim Ratcliffe eyes another financial cut after Man Utd chief's £200m decision backfires
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Sir Jim Ratcliffe is ready to pull the plug on backing Ben Ainslie's attempts at winning the America's Cup. The four-time Olympic gold medalist in cycling has funded two attempts at winning the America’s Cup. The latest attempt saw Ainslie’s team lose the final series of the 2024 edition to New Zealand in October.
The Telegraph now understands that tension between Ainslie and Ratcliffe has emerged and could see the Manchester United minority owner pull out his finances, which puts the long-term sponsorship of Ainslie’s team under threat. Ratcliffe is understood to have spent as much as £200million on two attempts to win the America’s Cup – only reaching the final itself on the second occasion last year. Ainslie is Britain’s most successful competitive sailor and has maintained that, regardless of Ratcliffe presence, he is ready to compete again for the next America’s Cup.
The Ineos-sponsored Britannia yacht won the Louis Vuitton Challenger Series and then challenged New Zealand for the America’s Cup last year. They ultimately lost that series 7-2, albeit the two victories were the first in the America’s Cup for a British boat since 1934.
A crucial part of the Ineos Britannia team is its partnership with the Mercedes F1 team - which Ineos has a 33 percent stake in. Ratcliffe had claimed in October that he was committed to the next America’s Cup, but made it clear he was looking for additional third-party sponsorship.
Failure to secure that could see Ratcliffe reconsider his position as he continues to pour money into his Premier League outfit, which has become a huge focus. In December, the Ineos chief increased his share in United to 28.94 per cent with a final instalment payment of £79million. The total value of his stake is now just over £1.25billion.
