INEOS Britannia withdraws from 38th America's Cup challenge

INEOS Britannia, led by Sir Jim Ratcliffe, has officially withdrawn from challenging in the 38th America's Cup due to a failure to reach an agreement with Athena Racing, formerly helmed by Sir Ben Ainslie. The delay in negotiations, which lasted six months, hindered INEOS's ability to prepare effectively for the upcoming competition. Despite having quickly agreed to substantive terms, the failure on Athena's part to finalize the agreement led to this decision. Ratcliffe expressed disappointment, citing their past successes as the most successful British challenger in modern times, and mentioned the team's strong potential with support from Mercedes F1 engineers. The withdrawal marks a significant shift in the competitive landscape for the America's Cup, as both teams now have to reassess their futures. The announcement follows a challenging period after the last Cup's conclusion in Barcelona.