Latest news with #INEOSBritannia
France 24
15-05-2025
- Business
- France 24
In Italian debut, 2027 America's Cup to be held in Naples
It will be the first time the world's most prestigious regatta takes place in Italy and the home advantage gives the hosts a chance to finally win one of the oldest competitions in international sport. "I am proud to announce that the America's Cup will be held, for the first time in history, in Italy. Naples will be the host city in 2027 for the 38th edition of the world's most famous and prestigious sailing tournament," Meloni said in a statement. The races will be held in the spring and summer of 2027. "The fight for the Louis Vuitton 38th America's Cup will take place under the watchful shadow of Mt Vesuvius and just off the waterfront of the vibrant city," read a statement from organisers. Holders Team New Zealand -- who have held the America's Cup since 2017 -- will be defending the title they won by defeating INEOS Britannia in Barcelona in October last year. While it is traditionally the holders who choose the venue, Team New Zealand said last month they could not secure government backing to host the regatta. But Team New Zealand CEO Grant Dalton welcomed the alternative choice of venue and said Italians were "the most passionate and engaged America's Cup audience". He cited Italian challenger Luna Rossa, which lost to New Zealand in the 2021 edition in Auckland, as "such an amazing team and strong competitor". "So, from the Defender's position it certainly feels like we are entering the lion's den competitively, but from an event perspective it feels like the perfect venue to host the Louis Vuitton 38th America's Cup," Dalton said. Italian crews have reached the final match race three times, most recently in 2021. Luna Rossa fell at the penultimate hurdle last year, eliminated by INEOS Britannia in Barcelona. The British crew went on to lose to New Zealand in the final. The status of both the New Zealand crew and their British challengers are shrouded in uncertainty just two years before the next event. Peter Burling, who skippered New Zealand to victory in 2021 and 2024, will play no part in their bid to retain their title in 2027 after he failed to reach an agreement with the team management. And British billionaire Jim Ratcliffe's INEOS Britannia team has withdrawn its plan to compete in the next edition after a bitter wrangle with the skipper last year, Ben Ainslie. Ratcliffe, who also owns Manchester United, said last month it had "reluctantly withdrawn its challenge" after a six-month delay in reaching an agreement with Ainslie's company. That clears the way for Ainslie to mount a challenge himself -- if the British former Olympic gold medallist can raise the substantial funding required.
The Star
15-05-2025
- Sport
- The Star
Sailing-Italy to host 2027 America's Cup in Naples, PM says
FILE PHOTO: Sailing - 37th America's Cup - New Zealand v Britain - Barcelona, Spain - October 19, 2024 INEOS Britannia and Emirates Team New Zealand in action during race nine REUTERS/Albert Gea/File Photo ROME (Reuters) -Italy will host the next edition of the America's Cup in 2027 in Naples, Prime Minister Giorgia Meloni said on Thursday, the first time for the country to host sailing's most prestigious competition. Three-times defending champions New Zealand said in March they would no longer seek to host the next edition, citing a lack of economic support from the government. "The choice of Italy is a choice that makes us proud, because it is a recognition of the very identity of our nation. Without the sea, in fact, we would not be what we are," Meloni said in a statement. "We look forward to welcoming the America's Cup. Italy will rise to this challenge and show the world once again what it is capable of." New Zealand retained the title by winning the 37th America's Cup in Barcelona last October over Britain for their fifth triumph. (Reporting by Angelo Amante, editing by Giulia Segreti and Peter Rutherford)
New York Times
09-04-2025
- Business
- New York Times
Sir Jim Ratcliffe's INEOS Britannia withdraws America's Cup challenge
Sir Jim Ratcliffe's INEOS Britannia has withdrawn its challenge for the next America's Cup. It has alleged the decision was due to the 'protracted negotiations' with Athena Racing, the team of INEOS Britannia's former team principal and skipper Sir Ben Ainslie. It was announced in January that INEOS and four-time Olympic champion Ainslie had split, but INEOS said it still intended to compete at the 38th America's Cup under the Britannia name. Athena responded, saying it was 'astounded' by this plan, warning it raised 'significant legal and practical obstacles' for INEOS. Advertisement Athena's social media describes the team as the 'Challenger of Record for the 38th America's Cup'. INEOS claimed an agreement had been reached to allow both teams to compete, but that after Athena had 'failed to bring the agreement to a timely conclusion', this had impacted INEOS' preparations and led to its withdrawal. An INEOS statement read: 'INEOS Britannia announces that it has withdrawn its intention to challenge for the next America's Cup. The decision has been taken after a protracted negotiation with Athena Racing Ltd following the conclusion of 37th America's Cup. 'The agreement that had been reached with Athena Racing 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 has failed to bring the agreement to a timely conclusion. 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 intention to challenge.' Athena Racing has been contacted by The Athletic for comment. The America's Cup is the oldest trophy in international sport. INEOS Britannia missed out on a historic victory in October as it was beaten by New Zealand in the final. Britain has never won the competition in its 173-year history and 2024 marked its first final appearance since 1964. Ratcliffe added: '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 Mercedes F1 engineers, that we had a real chance at the next Cup. Unfortunately, the opportunity has slipped away.' The dispute with Athena follows April's news that INEOS had settled a sponsorship dispute with New Zealand Rugby (NZR) over the pair's performance partnership. Advertisement INEOS acquired a minority stake in Manchester United in February 2024, with the Glazers remaining majority owners of the club but INEOS controlling football operations. Ratcliffe's company also own Swiss club Lausanne and has a 17 per cent minority stake in Ligue 1 side Nice. INEOS has further sporting ventures outside of football, owning one-third of the successful Mercedes F1 team and the INEOS Grenadiers Tour de France-winning cycling team. INEOS Britannia sailing team formed in 2012. (Lluis Gene/AFP via Getty Images)
Reuters
09-04-2025
- Business
- Reuters
INEOS withdraws from America's Cup challenge
April 9 (Reuters) - INEOS Britannia has withdrawn its intention to challenge for the next America's Cup after failing to reach a settlement with former skipper Ben Ainslie's team Athena Racing, the team backed by INEOS chief Jim Ratcliffe said on Wednesday. INEOS said in January that Ainslie parted ways with Britain's America's Cup team after his third attempt to skipper his country to the trophy ended in failure in October, a decision that left the four-times Olympic champion 'astounded'. Ainslie had vowed to compete for the 38th edition but it would be without a partnership with INEOS, with his British America's Cup team now known as Athena Racing. "The agreement that had been reached with Athena Racing would have allowed both parties to compete in the next Cup but it depended on a rapid resolution," INEOS said in a statement. "INEOS Britannia had agreed the substantive terms very quickly, but Athena has failed to bring the agreement to a timely conclusion." INEOS Britannia said the six-month delay had "undermined its ability to prepare" for the next Cup, leading to their withdrawal. "This was a very difficult decision to have taken following our challenge at the last two America's Cups," said Ratcliffe, who is also co-owner of Premier League club Manchester United. "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 Mercedes F1 engineers, that we had a real chance at the next Cup. "Unfortunately, the opportunity has slipped away."
