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, with Ineos releasing a statement on Saturday expressing “surprise” that Ainslie's Athena Racing has kept the boat used in 2024.
"Ineos is surprised that the boat we built for the last America's Cup (AC37) 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."
Ainslie's GB1 team is the challenger of record for the 38th America's Cup in Naples next year, with Oakley Capital announced as major investors in December.
In 2024, Ineos Britannia became the first British team to win the challenger series but they were then beaten 7-2 by Emirates Team New Zealand in Barcelona.
PA
