Ben Ainslie handed £110m war chest to win the America’s Cup in 2021

Ben Ainslie’s ambitions to win the America’s Cup for Britain have been boosted by a massive £110million cash injection.

INEOS, one of the world’s largest manufacturing companies, will take over from Land Rover as the team’s title sponsor, with Ainslie bidding for Cup glory in 2021 under the name INEOS Team GB. Ainslie’s Land Rover BAR came up short in their first bid to lift the Cup, losing to eventual winners Team New Zealand in the Bahamas last year.

The funding will enable Ainslie and his team, which includes new chief executive Grant Simmer and chief designer Nick Holroyd - behind the Kiwi success last year - to build two 75-foot monohulls to challenge for the ‘Auld Mug’.

“This is an amazing boost for British sport,” said Ainslie. “With this significant commitment from INEOS to fully fund a two-boat challenge, Britain now has its best opportunity to bring the America’s Cup back home to Britain where it belongs.”

INEOS founder Jim Ratcliffe added: “INEOS has taken on many serious projects in the past but none more exciting than this.”