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

Ineos Britannia said its decision to withdraw came following a “protracted negotiation” with Ainslie’s Athena Racing in the wake of last year’s America’s Cup in Barcelona. Five-times Olympic medallist Ainslie was the face of the Ineos-backed sailing team, but relations with Ratcliffe broke down.

Sir Jim Ratcliffe's Ineos Britannia sailing team has withdrawn its intention to challenge for the next America's Cup.