Sir Ben Ainslie will have the backing of Britain's largest privately owned company in an attempt to win the 2021 America's Cup.
The five-time Olympic medallist unveiled the record title sponsorship from INEOS, a petrochemicals company owned by Britain's second-richest man James Ratcliffe.
The 65-year-old is ranked 78th on Forbes' rich list and is worth over $16 billion.
The money will fund two 75-foot (23m) foiling mono-hulls designed by Nick Holroyd, who was behind New Zealand's winning boat in 2017.
"This is an amazing boost for British sport," said Ainslie. "Britain now has its best opportunity to bring the America's Cup back home to Britain."
Great Britain has never won the cup in the race's 168-year history. Ratcliffe says he will do everything in his power to win the Auld Mug.
"INEOS has taken on many serious projects in the past but none more exciting than this," Ratcliffe said in a statement. "We have a first-class team and will do everything we can to bring this trophy back to Britain where it belongs."
Royal New Zealand Yacht Squadron currently holds the oldest trophy in world sport after defeating Oracle 7-1 in Bermuda last year.
The next edition of the race is scheduled for March 2021.
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