Thursday 26 April 2018 12:35, UK
Sir Ben Ainslie is teaming up with chemicals giant INEOS in a £110m bid to win the 2021 America's Cup.
British sailors have been trying to capture international sport's oldest trophy since losing the first race in 1851, and Ainslie himself led an unsuccessful challenge in 2017.
INEOS Team GB will represent the Royal Yacht Squadron's affiliated club, Royal Yacht Squadron Racing, which lost the original race 167 years ago, and six subsequent challenges.
Jim Ratcliffe, the INEO owner, said: "INEOS has taken on many serious projects in the past but none more exciting than this.
"We have a first-class team and will do everything we can to bring this trophy back to Britain.
"With the resources of INEOS, the skill of Sir Ben Ainslie and his team and the experience of the Royal Yacht Squadron, I think INEOS Team GB has a great chance of success in 2021 and I'm looking forward to the challenge."
Ainslie was a key player in the 2013 America's Cup, when he was tactician as Oracle Team USA staged a remarkable comeback from 8-1 down to win 9-8.
He is excited about the link-up with Ratcliffe's company and said: "This is an amazing boost for British sport.
"With this significant commitment from INEOS to fully fund a two-boat challenge, Britain now has its best opportunity to bring the America's Cup back home to Britain where it belongs."
The current holder of the America's Cup, known as the Auld Mug, is the Royal New Zealand Yacht Squadron - after its Emirates Team New Zealand trounced Oracle Team USA 7-1 in Bermuda last year.
The next edition of the race is scheduled for March 2021.