Athena Racing has secured a majority ownership investment from private equity firm Oakley Capital, marking a significant change in the ownership and long-term funding structure of Britain’s America’s Cup team.
The investment is intended to provide the team with financial stability across multiple America’s Cup cycles and support its participation in the newly established America’s Cup Partnership (ACP) – a governance and commercial framework designed to reshape the management of the event.
As the majority owner of Athena Racing, Oakley Capital brings experience in scaling international businesses and involvement in high-performance sports. The firm will support the team in areas including commercial development, brand partnerships, and operational growth.
The investment coincides with a revised leadership structure at Athena Racing. Sir Ben Ainslie will continue his role, focusing on governance and commercial matters while remaining part of the performance programme. Ian Walker has been appointed chief executive officer, and Nick Holroyd has rejoined the team as Head of Design.
Ainslie, who retains a significant shareholding in Athena Racing, comments: “I’d like to pay credit to Peter Dubens and the team at Oakley Capital for the critical role they have played in helping Athena and the other teams to shape this new partnership for the America’s Cup.
“Previously a Defender-led, winner-takes-all format, the America’s Cup now moves into a unified chapter that gives every team a seat at the table and a shared focus on commercial growth and continued technical innovation. With Oakley’s backing and expertise, and by drawing on the next generation of sailors with our Athena Pathway Programme, Athena is well positioned to help grow the Cup into one of the world’s most iconic and commercially successful sporting properties.”
Ainslie will retain a significant shareholding in Athena Racing, which forms part of the wider Athena Sports Group. The group also includes majority ownership of the Emirates Great Britain SailGP Team and the Athena Pathway Programme, which supports youth and women’s participation in sailing.
The Oakley investment follows the formal establishment of the ACP, in which the firm was involved in developing, jointly funded by Challenger of Record Athena Racing, Defender Emirates Team New Zealand, and other competing teams.
The ACP has formed a historic alliance between the five founding teams, Emirates Team New Zealand (New Zealand), Athena Racing (GB), Luna Rossa (Italy), Tudor Team Alinghi (Switzerland), and K-Challenge (France).
The partnership introduces a shared governance model for the Cup, with all teams represented on its board for the first time in the event’s 174-year history. An independent executive team has been appointed to oversee commercial strategy, media growth, and long-term development of the competition.
Peter Dubens, co-founder and managing partner of Oakley Capital, comments: “The America’s Cup is the pinnacle of sailing and an icon of sport, won by only four nations since 1851.
“We’re partnering with Sir Ben and the Athena team precisely as the Cup enters a new era. With strong governance and a neutral management team focused on audience and media growth, the competition is set to broaden its appeal, improve accessibility, and ensure long-term sustainability.”
Athena Racing is now preparing for its next phase of activity with winter training scheduled and development work resuming on the AC40 monohulls ahead of the 38th America’s Cup.
Further details of the Partnership will be introduced on 21 January 2026 in Naples (the 2027 host city), when the dates of the America’s Cup Match will be revealed.
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