Ineos Britannia have announced a parting of the ways with Sir Ben Ainslie as the team’s challenge for the 38th America’s Cup was confirmed.

A British boat has never won the America’s Cup, but Ainslie’s crew overcame Italy in the Louis Vuitton Cup series to qualify for the showpiece event for the first time since 1964.

It was, though, Emirates Team New Zealand who went on to claim the Auld Mug for the third consecutive time after skipper Peter Burling guided them to a 7-2 win in Barcelona last October.

Following the defeat, Ainslie – who won the America’s Cup as part of Team USA in 2013 – had vowed to come back even stronger with the next bid to end Great Britain’s 173-year wait for success.

However, on Thursday, Ineos announced that, while there will be another challenge launched, Ainslie would not be at the helm, with Dave Endean appointed as chief executive of the team’s project.

“Ineos will enter a challenge for the 38th America’s Cup under the team name INEOS Britannia after parting ways with Sir Ben Ainslie,” a statement from Ineos read.

“Unfortunately, Ineos Britannia and Sir Ben could not find agreement on terms to move forward following the conclusion of the 37th America’s Cup in Barcelona.

“Ineos Britannia has appointed Dave Endean as CEO, who brings immense experience in sailing and the America’s Cup.

“Ineos will also continue to leverage the design and technology expertise of the Mercedes F1 Team under the guidance of technical director James Allison.”

Ineos chairman Sir Jim Ratcliffe feels that despite the departure of four-time Olympic champion Ainslie, the team has a strong base for the next challenge.

“I am enormously proud of what we achieved in Barcelona in developing a British boat that was truly competitive for the first time in decades,” Ratcliffe said.

“It set new benchmarks for British sailing, including winning the Louis Vuitton Cup for the first time, and taking races off the defender in the finals for the first time in 90 years.

“We will now build upon this for the 38th America’s Cup through the Ineos challenge and already have 100 scientists and engineers working on the design of our AC38 yacht.”