The Ineos Group, controlled by billionaire industrialist Sir Jim Ratcliffe, has launched legal action against sailing legend Sir Ben Ainslie in a dispute over the advanced racing yacht developed for the 2024 America's Cup campaign.

The two British sporting figures collaborated across two competitive cycles of sailing's most prestigious trophy, reaching a landmark challenge that ended in defeat during the Barcelona finals 18 months ago.

Their partnership has since fractured over disagreements regarding a potential third campaign, with Ineos issuing a statement Saturday indicating its astonishment that Ainslie's Athena Racing syndicate has retained possession of the 2024 competition vessel.

"Ineos finds it unexpected that the yacht constructed for the previous America's Cup (AC37) has been appropriated by Athena Racing," the company stated.

"The vessel remains Ineos property, and any assumption regarding its deployment in the forthcoming competition without explicit authorization is unacceptable.

"This yacht represents Britain's most accomplished America's Cup challenger to date, requiring a £180m investment from Ineos. Its design evolved directly from our initial vessel, which demanded an additional £170m in development costs. Ineos has commenced legal proceedings to secure the yacht's return."

Ainslie's GB1 syndicate currently holds the challenger of record designation for the 38th America's Cup, scheduled for Naples next year. Oakley Capital was confirmed as a principal financial backer in December.

During the 2024 competition, Ineos Britannia achieved a historic milestone by becoming the first British challenger to win the preliminary series. However, the team subsequently fell to Emirates Team New Zealand in a decisive 7-2 match race defeat in Barcelona.

PA