Last month, Ineos parted ways with four-time Olympic champion Ben Ainslie, having backed the Britannia America’s Cup sailing team since 2018.

Ineos said in a statement it could “not find agreement” with Ainslie on “terms to move forward” after last year’s event in Barcelona, which was won by New Zealand.

Ineos plans to compete in the next America’s Cup under the Britannia name.

Ainslie’s team said in response they were “astounded” by Ineos’ future plans for the America’s Cup and that the decision “raises significant legal and practical obstacles for them”.

Ineos confirmed a deal worth about $1.3bn (£1bn) for a stake in Manchester United in February 2024.

The company has overseen a restructuring of the club that has led to hundreds of staff being made redundant while it has been criticised for raising matchday ticket prices to £66 per game, with no concessions for children or pensioners.

In December, Ratcliffe warned more “difficult and unpopular decisions” would be taken to get the club back to where it needed to be.

Rumours are rife at Old Trafford that more staff jobs are about to be scrapped. United are not denying this could be more than 100 and possibly as many as 200.

However, club sources argue that Ratcliffe has already pumped in $300m (£241m) to help pay for extensive improvements to United’s Carrington training ground.

The company’s sport portfolio also includes ownership of Swiss football club FC Lausanne-Sport and French side Nice. It is also a co-owner of F1 team Mercedes and runs the Ineos Grenadiers cycling team.

Last month the Grenadiers said they were searching for new partners to join Ineos in order to keep pace with competitors after suffering their worst season in 2024.

“Ineos don’t want to spend more money,” confirmed John Allert, Ineos Grenadiers CEO.

In 2021, Ineos’ director of sport Sir Dave Brailsford hailed the partnership with NZR.

“The integration of the Ineos brand on this iconic kit symbolises our partnership to share best practice and collaborate on performance innovation,” he said.

“I am looking forward to integrating the players and team at New Zealand Rugby into Ineos to support their ambitious performance goals and apply the knowledge and expertise found across all of our teams.”