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Sir Ben Ainslie has confirmed his intention to continue on with a challenge in the , but says he was ‘astounded’ by  that Ineos would not be backing it.

Earlier this week, the Telegraph reported a rift had formed between  and Ineos founder , and Ineos confirmed in a statement it would not be backing Ainslie but would instead be entering its own challenge.

The new challenge would see Ratcliffe’s team maintain their relationship with the Mercedes Formula One team.

In response to the statement, Ainslie’s team released one of their own, confirming they would proceed under the moniker of Athena Racing.

“The British Challenger for the 38th America’s Cup, led by Sir Ben Ainslie, was astounded to read today’s statement from INEOS and Mercedes F1 regarding their planned challenge for the 38th America’s Cup.

“This plan raises significant legal and practical obstacles for them that will play out in the coming days and weeks.

“Furthermore, Sir Ben Ainslie’s British America’s Cup team will be known as Athena Racing going forwards, aligning with the British Women’s and Youth America’s Cup team, the Athena Pathway.”

Ratcliffe has funded the last two British challenges for the Auld Mug, seeing Ainslie’s crew become the first British challenger in 60 years to qualify for the America’s Cup match and the first in 90 years to win a race in that match.

Cup defender Emirates Team New Zealand (ETNZ) ultimately retained the Auld Mug, beating the Brits 7-2.

Prior to last year’s Cup match in Barcelona, Ainslie confirmed Ratcliffe was yet to sign on for another campaign.

However, that appeared to have been ironed out, as in November Ainslie told the Performance People podcast that Ratcliffe was keen to sign on for another challenge but would not fully fund the campaign and more backers would be sought.

“Jim and Ineos have been incredible backers for the last two campaigns, and have effectively underwritten both campaigns. They’re keen to keep going,” Ainslie said in November.

“I think they really enjoyed the experience in Barcelona and they’re, like the rest of us, really disappointed to get that far and not get the job done, but can see the gains the team has made and with the collaboration with Mercedes being so strong, they’re up for the fight.

“But we need to bring in more partners – particularly commercial partners – to help unload the burden on Jim and Ineos.”

The split raises plenty of questions about the British challenge - or challenges - going forward.

However, the Herald understands Athena Racing led by Ainslie remains the representative of the Challenger of Record Royal Yacht Squadron.

When it was confirmed that the Royal New Zealand Yacht Squadron had accepted the RYS challenge, Ineos Britannia was said to be the representative for the British, with ETNZ representing the RNZYS as the defender.

It is expected Ratcliffe’s new challenge, which will be led by Dave Endean as chief executive, will proceed under the Ineos Britannia name.

 joined the Herald sports team in 2017, bringing the same versatility to his coverage as he does to his sports viewing habits.