Should Sir Ben Ainslie’s crew achieve the seemingly impossible and bring home the America’s Cup it will be the biggest sporting triumph yet for Ineos, whose tentacles now lie across the elite landscape in six disciplines. Despite heavy investment and the oversight of Sir Dave Brailsford it has been a mixed bag so far for Sir Jim Ratcliffe’s petrochemicals company; they have struggled to make their mark in Formula One and cycling, while it may take a superhuman effort to restore Manchester United to greatness.
They have encountered accusations of using sport to airbrush environmental concerns around their business. Ending Britain’s 136-year wait for sailing’s most vaunted prize would, in the short term at least, guarantee favourable headlines.
Sailing
What did they inherit? Ineos joined forces with Ben Ainslie’s America’s Cup team in 2018, taking ownership of an outfit that were founded six years previously with the aim of providing a first British winner.
How have they tried to make their mark? A key feature of Ineos’s sailing work has been cross-pollination with Formula One. It is no secret that Ineos Britannia work closely with Mercedes, modern yachts being likened in some quarters to F1 cars on water. Brains from Mercedes have been deployed to work on design and engineering; the instances of overlap are numerous and it is the most potent example of Ineos’ vision to share expertise and methodology between their different sports.
What has their outlay been? £110m was put towards Ainslie’s bid to win the trophy in 2021; a similar sum is likely to have been put into this year’s high-profile attempt.
How much success have they enjoyed? The 2021 bid fell short, with a defeat to Italy in the match-up to decide who would challenge the mighty New Zealand. But this time around they have been in outstanding form, outdoing Switzerland and then the Italians. That is an achievement in itself but success will ultimately be measured by the multiple Olympic gold medallist Ainslie’s ability to bring home the America’s Cup. Pulling it off would be Ineos’s greatest sporting feat to date.
What did they inherit? Three challenges of increasing gravity. Ineos dipped their toe into football’s shark-infested water by buying the middling Swiss club Lausanne in 2017; two years later they purchased the Ligue 1 club OGC Nice, another historically mid-ranking side but with obvious potential. Earlier this year they completed the most eye-catching deal of all: a 27.7% stake in Manchester United, the biggest club in England and a creaking oil tanker that will take some turning around.
How have they tried to make their mark? Ineos learned costly lessons at Lausanne, courting fury early on by redesigning the club badge to incorporate an element of their own logo. Investment in infrastructure and a stream of signings indicated their ambition, although a flow of loanees from Nice has pointed to their place in the food chain. High-profile signings such as Ross Barkley and Aaron Ramsey have been among those signposting their intentions on the Côte d’Azur. At United, the arrivals of a top-class sporting director in Dan Ashworth and a new chief executive in Omar Berrada, formerly of Manchester City, are intended to solve the off-pitch mess they discovered.
What has their outlay been? Significant. While the sum paid for Lausanne is unknown, they are thought to have invested around £45m – a large amount in Switzerland – since gaining control. The takeover of Nice cost £88m and they have overseen a net spend of close to £100m on transfers. All this is blown away by the £1.25bn investment in United.
How much success have they enjoyed? Any grand ambitions for Lausanne have yet to be realised: the club have yo-yo’d and sit mid-table in the top flight. Nice are yet to sustain a credible challenge in Ligue 1, oscillating between ninth and fifth since 2020, but are playing Europa League football this year. At United, the joy of a quick FA Cup final win over City papered over cracks that have widened in a poor start to this season. Prevarication over the future of their manager, Erik ten Hag, has not helped Ineos’ chances of creating a launchpad.
Formula One
What did they inherit? Mercedes were at the peak of their powers in December 2020 when Ineos became a one-third shareholder in the team. The pair had already signed a five-year principal partnership earlier that year. Lewis Hamilton had won six of the previous seven drivers’ championships and they had won every constructors’ championship since coming second in 2013.
How have they tried to make their mark? Ineos are not particularly hands-on at Mercedes and Ratcliffe himself is rarely seen at grands prix, although their name is on the car. The expectation was that a team sitting atop the pile would continue their supremacy.
What has their outlay been? The five-year partnership is understood to be worth £100m, divided annually. The outlay for their stake is anyone’s guess but could be north of £200m.
How much success have they enjoyed? Financially, Ratcliffe and Ineos will have few complaints. Last year they took a share of a £75m dividend from the team, largely through healthy sponsorship revenues. On the track it has been downhill since Hamilton’s controversial loss to Max Verstappen in 2021. Mercedes won the constructors’ championship that year but the well has been dry since: they failed to react smartly to a regulation change in 2022, while Red Bull and recently McLaren have outshone them on race days. Hamilton will depart for Ferrari next year. In a fast-changing sport, though, the murmurings are they will be well placed to revive when the rules next alter in 2026.
Cycling
What did they inherit? Ineos inherited a dominant, formidable, sometimes controversial winning machine when they took over Team Sky in May 2019. It was the sport’s biggest success story, masterminded by the peerless team principal Brailsford: a lavishly funded operation that won grand tours for fun and became cycling’s version of the Galacticos, turning the likes of Bradley Wiggins and Chris Froome into superstars. The new-look Ineos Grenadiers had an imposing act to follow.
How have they tried to make their mark? Team Sky were brilliant but often unloved. Ineos sought to soften the hard edges, foster a less corporate and controlling image, and cut more of a relaxed appearance. They have sought to freshen up with young talent but are yet to nurture anyone who can replicate the presence and aura of those Sky greats.
What has their outlay been? Ineos are thought to spend around €50m a year on the Grenadiers. They are still firmly among the best-resourced teams although the likes of UAE Team Emirates and Jumbo-Visma have ensured that, unlike during the Sky years, they no longer blow their rivals out of the water.
How much success have they enjoyed? Ineos Grenadiers have been left behind. A team that once led the way is a shadow of its former self and, beyond the evergreen Geraint Thomas, lacks a rider with the stardust to challenge for major podiums. There is an argument the decline can be traced to Brailsford’s move upstairs, in December 2021, to become Ineos’s director of sport across all disciplines. They have not won a grand tour since he became less hands-on and it raised eyebrows in July when Thomas described their leadership structure as “like a coalition government”. There is a feeling of drift, the aerodynamics expert Dan Bigham also criticising a lack of clear vision upon leaving in August. Young riders have generally failed to kick on and other teams are now bigger draws; meanwhile double Olympic gold medallist Tom Pidcock has recently been linked with a move away. Ineos must find clarity if they are to scale the heights of old.
Rugby union
What did they inherit? The most famous, awe-inspiring rugby union brand in the world. Or at least serious involvement in it after announcing a six-year performance partnership in the summer of 2021, beginning the following year. The All Blacks and Black Ferns headlined the seven New Zealand national teams slated to benefit from Ineos’s global network’s six-year performance partnership.
How have they tried to make their mark? Promised partnerships with their other sporting arms, broadly aimed at using technology and human performance to make gains on the pitch. More visibly, their logo has appeared on the teams’ playing shorts and training jerseys.
What has their outlay been? The deal is worth around £4.3m a year, running until 2028.
How much success have they enjoyed? Rugby is in little position to turn down the level of financial assistance Ineos waved New Zealand’s way but their involvement has met some scepticism. Greenpeace accused them of “greenwashing” their reputation and almost 29,000 people signed a petition against the deal. The Black Ferns will expect to retain their world title next year so the 2027 men’s World Cup may provide the best measure of any sporting gains added by Ineos. A return to the glory years would be a resounding success for an All Blacks team that finished runners-up last year and looks hard pressed to break South Africa’s stranglehold.
Running
What did they inherit? Early in 2022 Ineos confirmed a long-term partnership with NN Running Team. The star draw was Eliud Kipchoge, the greatest marathon runner of all time, who had consecutive Olympic golds and an ongoing world record to his name when the deal was struck. It was not unfamiliar territory: they had partnered with the team and Kipchoge two and a half years previously became the first person to run a full marathon in under two hours.
How have they tried to make their mark? The initial aim was to ensure Kipchoge completed a hat-trick of Olympic titles at Paris 2024, reuniting the setup that had backed him in 2019. As part of the deal, NN have access to Ineos’ knowledge sharing network across sports they have invested in: those resources were drawn on as Kipchoge, along with a raft of other high-profile athletes on the team’s books, prepared for the Games.
What has their outlay been? The figures are closely guarded. Ineos are listed as supporters of the team on the NN website while Ineos Grenadier, the 4×4 vehicle produced by Ineos Automotive, is cited as one of their suppliers.
How much success have they enjoyed? Kipchoge endured what he called his “worst marathon” in Paris, failing to finish due to a back injury and subsequently calling time on his Olympic career. But there was joy for Joshua Cheptegui, another NN runner, in the 10,000m and the headline among several teammates’ medals at other major events was Wilson Kiplangat’s marathon gold at the 2023 world championships. NN’s expanding stable stretches beyond the legendary Kipchoge.
