Manchester United minority owner Sir Jim Ratcliffe has "parted ways" with his America's Cup partner Sir Ben Ainslee and revealed he intends to win sailing's most famous race without the British Olympic legend.
In a statement announcing the split, Ratcliffe opted against noting Ainslee's efforts in leading INEOS Britannia's two attempts at the America's Cup, amid reports of tension between the pair.
Ainslee, 47, is the most successful sailor in Olympic history. He won medals at five consecutive Games from 1996 to 2012, including four golds in a row between 2000 and 2012.
In a statement, INEOS said it intends to race as INEOS Britannia 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," INEOS said.
There were high hopes that British team, bankrolled to the tune of £100 million ($123.55m) by Ratcliffe, could win the "Auld Mug" for the first time in Barcelona.
With the most successful Olympic sailor at the helm, the British yacht reached the final for the first time in 60 years by defeating Italy and took on defenders New Zealand. However, Ainslie's boat was beaten 7-2.
Ratcliffe's decision to pursue Americas Cup glory ends speculation that he would be stepping back from sailing to concentrate on helping United find success under the club's new head coach Ruben Amorim.
"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," Ratcliffe said.
"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."
Ainslee's America's Cup team said it was "astounded" by the split with INEOS Britannia.
"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."
Information from Reuters contributed to this report