British confirm two-boat strategy after $216m boost

“Time will tell if this is the best British team ever.”

That was the message out of Emirates Team New Zealand (ETNZ) after Sir Ben Ainslie’s British challenge announced a huge sponsorship deal for their 2021 America’s Cup campaign.

The deal will pump $216 million into the challenge, allowing them to fund a two-boat strategy for the 36th America’s Cup. Renamed INEOS Team Great Britain, the syndicate lost to ETNZ in the semifinals of the 2017 challenger series in Bermuda, and were expected to improve in 2021.

“The British team were always going to be very competitive,” ETNZ said in a statement yesterday. “Ben is the most decorated Olympic sailor in history and we know him well from his time working for Emirates Team New Zealand and, as a team, we remain good friends.”

Ainslie said the new deal was the only way forward after previous sponsors couldn’t deliver the required funding.

“It had, however, become increasingly clear — with the announcement of the new class rule by Emirates Team New Zealand and the rule changes which have been put in place — that we would need to build two 75-foot foiling monohulls from scratch,” Ainslie said.

“We tried incredibly hard to make it work with our existing investors and commercial partners, looking to see whether we could increase our budget under that structure. But it became clear that we were not going to hit the required target.”

The deal was reported to be the largest investment in a British challenger, as they looked to bring the Auld Mug home for the first time since the competition’s inception in 1851.

The America’s Cup was first contested in the Isle of Wight and won by the US yacht America. Despite a number of attempts, no British challenger has won the Cup.

“They started this in 1851. It’s the oldest trophy in all sport and they want it back,” ETNZ said.

INEOS is one of the world’s largest manufacturers of chemicals and oil products.

“This is an amazing boost for British sport,” Ainslie said. “With this significant commitment from INEOS to fully fund a two-boat challenge, Britain now has its best opportunity to bring the America’s Cup back home to Britain where it belongs.”