Portugal Colonial - Ainslie no longer with INEOS Britannia after America's Cup defeat

Emirates Team New Zealand completed a commanding 7-2 victory against their British opponents off Barcelona on October 19 but it was not long before INEOS were confirmed as the challenger of record for the 38th America's Cup.

No British crew has won the America's Cup, the oldest trophy in sport with the race first run 174 years ago.

But Ainslie's team overcame Italy in the Louis Vuitton Cup series to qualify a British boat for the showpiece event for the first time since 1964.

Despite a convincing loss, the 47-year-old Ainslie -- who won the America's Cup with Team USA in 2013 -- vowed to return in a bid to end Britain's lengthy wait to clam the 'Auld Mug'.

But while INEOS will compete in the 38th edition of the America's Cup, they will do so without the four-time Olympic champion.

"INEOS will enter a challenge for the 38th America's Cup under the team name INEOS Britannia after parting ways with Sir Ben Ainslie," a statement said Thursday.

"Unfortunately, INEOS Britannia and Sir Ben could not find agreement on terms to move forward following the conclusion of the 37th America's Cup in Barcelona."

Jim Ratcliffe, the billionaire founder and chairman of chemicals company INEOS, was confident the team would be better for last year's experience as they looked to win the America's Cup without Ainslie.

"I am enormously proud of what we achieved in Barcelona in developing a British boat that was truly competitive for the first time in decades," Ratcliffe said.

Ratcliffe, the 72-year-old minority owner of struggling English football giants Manchester United, added: "We will now build upon this for the 38th America's Cup through the INEOS challenge and already have 100 scientists and engineers working on the design of our AC38 yacht."

P.Serra--PC