Sir Jim Ratcliffe's Ineos Britannia sailing team has withdrawn its intention to challenge for the next America's Cup.

INEOS Sport announces that it's America's Cup plans have been terminated, exiting after two unsuccessful campaigns.

Sir Jim Ratcliffe’s INEOS Britannia has withdrawn its challenge for the next America’s Cup. It has alleged the decision was due to the “protracted negotiations” with Athena Racing, the team of INEOS Britannia’s former team principal and skipper Sir Ben Ainslie.