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

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.

British sailing great Ben Ainslie will no longer be involved with INEOS Britannia's bid to win the America's Cup after failing to agree terms with the team for their next tilt at the trophy.