Sir Jim Ratcliffe's Ineos Britannia sailing team has abandoned its challenge for the next America's Cup.
It blamed "a protracted negotiation" with Athena Racing - the team of Ineos' former skipper Sir Ben Ainslie.
The four-time Olympic champion helped the British boat reach a first final since 1964 in Barcelona last year, but then split with Ineos in January.
Ainslie, 48, had a strained relationship with Manchester United co-owner Ratcliffe regarding plans for the 38th America's Cup, which prompted them to part ways.
Ineos had planned to compete under the Britannia name, but Ainslie's Athena Racing team said they were "astounded" by the move, and it raised "significant legal and practical obstacles".