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On land, teams are getting organized for the 38th America's Cup. But on the British side, another battle is being waged, far from the water, over the ownership of an AC75 that has become central to the preparations.
An AC75 at the heart of the British system
The yacht in question is unlike any other. The former Ineos Britannia, now operating under the name GB1, marked the last cycle by reaching the challenger final of the 37th America's Cup.
In a context where the AC75s will be reused for the 2027 edition, this type of unit represents an essential technical base. Teams don't start from scratch, they adapt, optimize and capitalize on existing platforms. Without this support, preparation becomes complex, to say the least.
A rift between industrial partner and sports team
For two campaigns, Ineos and Ben Ainslie worked together. The former provided the financial and industrial resources, while the latter steered the sporting project via Athena Racing. At the end of the 37th edition, however, differences emerged. At the beginning of 2025, the split was finalized.
Ineos then considered continuing without Ainslie, before giving up. For its part, Athena Racing continued the campaign under a new identity, GB1. This break-up left a central question unanswered, that of the ownership of jointly developed assets.
Ineos has taken legal action to have its ownership of the yacht recognized. The group is putting forward an investment of over 400 million euros over two campaigns, including the design and construction of the AC75.
For Ineos, the boat remains a financed industrial asset and must be returned.
Athena Racing, on the other hand, considers that these assets belong to it, and that they are part of the continuity of its sporting program. In addition to the boat itself, the dispute also concerns less visible elements, such as performance data, technological developments and intellectual property.
A constrained sports calendar
This dispute comes at a time when the schedule for the 38th America's Cup has already been set. Teams must prepare for the first confrontations, with a pre-regatta scheduled for May 21-24, 2026 in Cagliari on AC40s. At the same time, the AC75s are being modified to comply with the new protocol. The time available to optimize the boats remains limited.
