The 47-year-old is understood to have been left 'astounded' after cutting ties with Manchester United part-owner Sir Jim Ratcliffe's famed sailing

INEOS Britannia has announced it is parting ways with CEO and skipper Ben Ainslie for the 38th edition of the premier yachting race.

Sir Jim Ratcliffe has split with his America's Cup partner Sir Ben Ainslie and revealed he intends to win the race without the British Olympic legend.

Ineos Britannia part ways with four-time Olympic champion Sir Ben Ainslie in shock split ahead of 38th Americas Cup; Ainslies crew ended Britains 60-year absence from worlds most prestigious sailing c

According to the statement INEOS Britannia’s chief operating officer Dave Endean has been appointed CEO of the team which will ‘continue to leverage the design and technology expertise of the Mercedes F1 Team under the guidance of Technical Director, James Allison’.

Britain's America's Cup skipper Ben Ainslie said he was astounded at being dropped by INEOS Britannia after failing to win the trophy last year. Four-time Olympic champion Ainslie's crew was backed to the tune of 100 million pounds ($124 million) by INEOS chief Jim Ratcliffe as he attempted to win the "Auld Mug" for Britain in Barcelona in October.