Manchester United’s controlling power Sir Jim Ratcliffe has split from his America’s Cup partner Sir Ben Ainslie and declared his intention to win the historic race without the four-time Olympic gold medallist.

As Telegraph Sport revealed on Wednesday, the relationship between the pair has been on the brink of collapse and it was the Ineos billionaire, who owns 28.94 per cent of United, who moved first – issuing a statement marking the end of their relationship.

He notably declined to thank Ainslie for his efforts leading the Ineos Britannia yacht in two attempts at the America’s Cup and it is expected that a row is now brewing as to whom the assets and Intellectual Property belong.

In response to the announcement, Ainslie said he was “astounded” by Ratcliffe’s move to end their relationship and confirmed he will consider “significant” legal options.

A statement from Ainslie’s team read: “The British Challenger for the 38th America’s Cup, led by Sir Ben Ainslie, was astounded to read today’s statement from INEOS and Mercedes F1 regarding their planned challenge for the 38th America’s Cup. This plan raises significant legal and practical obstacles for them that will play out in the coming days and weeks.

“Furthermore, Sir Ben Ainslie’s British America’s Cup team will be known as Athena Racing going forwards, aligning with the British Women’s and Youth America’s Cup team, the Athena Pathway.”

Ainslie has already indicated that he is ready to race again for the America’s Cup which will be on a date of defenders New Zealand’s choosing and could be as far away as 2027. Yet it is Ratcliffe who has funded the two bids at the trophy with around £200 million spent by the Ineos chemical conglomerate and the added expertise of the Mercedes Formula One team – in which Ineos owns a third share. Ainslie spearheaded another campaign before Ratcliffe came on board under BAR (Ben Ainslie Racing).

In a statement, Ineos declared its intention to race as Ineos Britannia and to challenge in the 38th edition of the America’s Cup. “Unfortunately, Ineos Britannia and Sir Ben could not find agreement to move forward following the conclusion of the 37th America’s Cup in Barcelona”, the group says. It added that a chief executive, Dave Endean – who grew up in Auckland and describes himself as having a “typical Kiwi sailing background” – has been appointed and that the team would continue to use the Mercedes Formula One technology and technical director James Allison. Endean was already part of the team as Project Director in Auckland and COO in Barcelona, with Allison technical director for the last Cup as well.

Confirmation that Ratcliffe will enter a challenge for the 38th America’s Cup under the team name Ineos Britannia ends speculation that he may be stepping back from sailing while he concentrates on turning around footballing fortunes at Old Trafford.

Ratcliffe, chairman of Ineos, said: “I am enormously proud of what we achieved in Barcelona in developing a British boat that was truly competitive for the first time in decades. It set new benchmarks for British sailing, including winning the Louis Vuitton Cup for the first time, and taking races off the Defender in the finals for the first time in 90 years. We will now build upon this for the 38th America’s Cup through the Ineos challenge and already have 100 scientists and engineers working on the design of our AC38 yacht. More details on the INEOS Britannia challenge will follow in due course.”

Ratcliffe has already funded two attempts at winning the America’s Cup, with Ainslie’s team most recently losing the final series of the 2024 edition to New Zealand in October.

Ainslie’s racing expertise and the financial might of Ratcliffe’s chemical conglomerate Ineos, as well as its crucial connection with the Mercedes Formula One team, has been a strong combination – but Telegraph Sport revealed on Wednesday that tensions had emerged between the two men.

However, the 72-year-old billionaire, deep into trying to turn around United in the midst of a dire run and a low-key January transfer window, remains committed to sailing without the most prominent figure in the sport in Britain.

Ainslie, 47, is Britain’s most successful competitive sailor and has consistently said that, regardless of Ratcliffe, he is ready to compete again for the next America’s Cup. That event does not yet have definitive dates and those ultimately will be set by cup defenders New Zealand.

Ratcliffe is understood to have spent as much as £200 million on two attempts to win the America’s Cup – only reaching the final itself on the second occasion last year.

A key part of the Ineos Britannia team is their partnership with Mercedes F1, in which Ineos has a one-third stake. Ratcliffe told Telegraph Sport in October that he was committed to the next America’s Cup but that he was also looking for additional third-party sponsorship.

In December, Ratcliffe increased his share in United to 28.94 per cent with a final instalment payment of £79 million. The total value of his stake is now just over £1.25 billion. The original deal was struck one year ago with the Florida-based Glazer family who have controlled the club for two decades. Ratcliffe’s most recent investment last month increased his stake to its current level.

As well as with Ainslie and Mercedes F1, Ineos has had many sports sponsorships and partnerships, including cycling’s Ineos Grenadiers, formerly Team Sky. Last week, Ineos Grenadiers chief executive John Allert announced that Ratcliffe was not prepared to spend additional funds on the team and is seeking a second title sponsor.

It has also partnered with New Zealand’s All Blacks rugby team. As well as its stake in Manchester United it owns French Ligue 1 club Nice and the Swiss Super League club Lausanne-Sport. While the Glazer family maintain the majority stake in United, it is Ineos and Ratcliffe who have negotiated control of the football operations after a prolonged sales process.