(Reuters) -INEOS Britannia has withdrawn its intention to challenge for the next America's Cup after failing to reach a settlement with former skipper Ben Ainslie's team Athena Racing, the team backed by INEOS chief Jim Ratcliffe said on Wednesday.

Sir Jim Ratcliffe’s INEOS Britannia has withdrawn its challenge for the next America’s Cup. It has alleged the decision was due to the “protracted negotiations” with Athena Racing, the team of INEOS Britannia’s former team principal and skipper Sir Ben Ainslie.

Sir Jim Ratcliffe has abandoned plans to challenge for the next America’s Cup, accusing Ben Ainslie of dragging his heels over settlement negotiations that would have allowed both their teams to compete.