Image Credits: Getty Images
Back in February, news broke that Sir Jim Ratcliffe and his company, INEOS, were being sued by international side New Zealand Rugby for breaching their contract.
The company was working with the All Blacks as their performance partners in a six-year deal set to run until 2027.
However, INEOS pulled out of the deal early, failing to pay their first instalment of the sponsorship deal for 2025.
As such New Zealand Rugby started legal action against Ratcliffe’s company for the preach of the £22 million sponsorship agreement.
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Sir Jim Ratcliffe and INEOS’ response to legal action
In response to the situation, INEOS issued their own statement, explaining their withdrawal from the partnership as: “trading conditions for our European businesses have been severely impacted by high energy costs and extreme carbon taxes,” and “the deindustrialisation of Europe.”
In light of these reasons, the company have had to implement cost-cutting measures across the business, with Ratcliffe’s organisation also parting ways with Britannia America’s Cup sailing team after a seven-year partnership.
Now it appears the two parties have come to an agreement, with the pair issuing the same statements, reading:
“New Zealand Rugby and INEOS can confirm that a settlement has been reached between the two parties.”
“Whilst the details remain confidential, both organisations are satisfied with the outcome and acknowledge a desire to now move forward.”
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Source: Centred Devils
