Ineos and Ratcliffe wait for more sporting success goes on after America’s Cup loss
In late August City PM asked whether Ben Ainslie and Ineos Britannia could bring the America’s Cup home for the first time in British sailing history. On Saturday we got our answer. No.
Emirates Team New Zealand retained the America’s Cup by 7-2 and became the first team to win the Auld Mug on three consecutive occasions since the USA achieved the same feat in 1992.
It was not a total failure for Great Britain, who reached their first final in 60 years, but it ensures the wait for Sir Jim Ratcliffe – the billionaire owner of Ineos and backer of Britannia – to pick up another major scalp in sport, after the 2019 Tour de France, goes on.
While some would state Manchester United’s FA Cup win over Manchester City earlier this year or Lewis Hamilton’s Silverstone victory in July were major victories for his sporting portfolio, we’re yet to see a major triumph.
Ratcliffe in it for love
Manchester United are 11th in the Premier League, the All Blacks lost the 2023 Rugby World Cup and Mercedes haven’t had a world champion since Ratcliffe’s investment in December 2020.
It is clear the billionaire is in the sports business for love, he enjoys sailing and is a fan of United, but he will want some return in the form of meaningful silverware at some point.
The Auld Mug is off the table, for a number of years at least, and there’s no chance for the All Blacks to win a World Cup until 2027. Even 39-year-old Eliud Kipchoge – who Ineos successfully backed, albeit unratified by World Athletics, to break the two hour mark in a marathon – is unlikely to be challenging for medals in the future.
With clubs mid-table in the Premier League, Ligue 1 and Swiss Super League it is difficult to see where that success will come next.
Maybe, for now at least, Ratcliffe and his sporting arm will need to settle for the odd Mercedes race win here and Manchester United cup trophy there.
The tangible success appears to be some way off, and investing more money may not be the long-term answer.