BARCELONA, Spain — A significant shake-up has occurred in the world of America’s Cup sailing as INEOS Britannia has announced the departure of CEO and skipper Ben Ainslie ahead of the 38th iteration of this prestigious yacht race.

Ainslie, a celebrated athlete with four Olympic gold medals, expressed his shock at the decision, stating he was “astounded” by the development. In a statement released on Friday, he hinted at the possibility of pursuing legal action against his former sponsor, INEOS, which is managed by billionaire Jim Ratcliffe, who also holds a minority stake in Manchester United.

“The plan presents considerable legal and practical challenges for them, which will unfold in the coming days and weeks,” Ainslie asserted in the statement, reflecting the tension surrounding the split.

This separation follows Ainslie’s leadership of Britannia to its first America’s Cup final in six decades last year in Barcelona, where the team ultimately finished second to Emirates Team New Zealand with a score of 7-2.

Despite the loss, Ainslie had expressed his desire to continue as CEO of INEOS Britannia while considering stepping down as skipper at the age of 47. However, the company decided to part ways entirely with Ainslie, which ended a collaboration that commenced in 2018 and leveraged the technological expertise of the Mercedes F1 team. The announcement confirmed Dave Endean will take over as CEO for the upcoming America’s Cup.

Ratcliffe commented on the team’s past triumphs, expressing pride in their achievements in Barcelona and stating, “We are committed to building upon this for the 38th America’s Cup through the INEOS challenge, with 100 scientists and engineers already dedicated to designing our AC38 yacht.” Notably, a British team has yet to clinch victory in the America’s Cup history.

In addition to his role with the America’s Cup, Ainslie has been involved with the SailGP team and announced that his new America’s Cup initiative will be named Athena Racing.