Sir Jim Ratcliffe left red-faced as Man Utd co-owner forced to back out of deal

Manchester United co-owner has abandoned plans to challenge for the next and hit out at legend . Ratcliffe had backed Ainslie's team through his petrochemicals company, , during the past two cycles of the iconic sailing competition.

Last autumn, INEOS Britannia became the first British team in 60 years to reach a final, eventually losing to New Zealand in Barcelona. Behind the scenes, though, Ratcliffe and Ainslie's relationship was strained.

Ratcliffe, of club , issued a statement in January after they 'could not find agreement on terms to move forward'. United's part-owner intended to enter a new challenge for the next America's Cup in 2027 under the Britannia name, continuing to lean on input from Mercedes team, in which INEOS owns one third.

Ainslie, the most successful sailor in Olympic history, having won gold medals at four consecutive Games, said that he was 'astounded' by Ratcliffe's statement. The 48-year-old changed the name of his team to Athena Racing Ltd, who later claimed that they were the official Challenger of Record for the 38th America's Cup.

Negotiations over a deal that would've allowed both parties to compete in the 2027 edition were underway by then. In a bombshell announcement on Wednesday, though, INEOS Britannia said that a 'six-month delay' caused by Athena had 'undermined its ability to prepare for the next Cup'. Ratcliffe and Co. have therefore made the decision to 'reluctantly withdraw its challenge'.

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"INEOS Britannia announces that it has withdrawn its intention to challenge for the next America’s Cup," a statement read.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.

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"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of the opinion that this six-month delay has undermined its ability to prepare for the next Cup and so has reluctantly withdrawn its challenge."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, Ratcliffe explained: "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 F1 engineers that we had a real chance to win at the next Cup. Unfortunately, the opportunity has slipped away."

Athena are yet to comment on INEOS' announcement.

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