Olympic legend Ben Ainslie has announced the launch of his own America’s Cup team. The 34-year-old Maxonian will compete in the Finn class in Weymouth and Portland at this summer’s Games, before turning attention to the oldest active trophy in international sport.

Ben Ainslie Racing (BAR) will compete in the 2012/13 America’s Cup World Series and will be underwritten by Oracle Racing, who Ainslie will join for their defence of the trophy.

"I’ve always tried to have a plan of what I’m doing next after the Olympics," said the three-time gold medalist.

"The 2012 Olympics has been the focus but from that has come the opportunity to be able to build a team which we hope can ultimately go on to challenge for the 35th America’s Cup."

While Ainslie harbours serious ambitions of challenging, he will undertake his fourth America’s Cup campaign with Oracle.

"It’s a fantastic opportunity, I have a huge amount of respect for everyone involved," Ainslie added.

"I think, with the direction the Cup has taken in the last few years, it’s actually really important that Oracle Racing win again and it continues on the path that it has taken.

"I’m very excited about it and hopefully I can help the team retain the America’s Cup."

Oracle Racing CEO and four-time America’s Cup winner Russell Coutts said: "With all the things that we are doing to improve the America’s Cup commercially, I think this is a great time for Ben to be laying the foundations for his own team.

"There has never been a better arena for stars like Ben."

Ainslie insists his America’s Cup commitments won’t jeopardise his quest for a fourth Olympic gold in London later this year.

"I have always had other things going on in sailing around the Olympics.

"I’ve never been solely focused on the Olympics the whole way through a cycle.

"In the last cycle, I was involved with Emirates Team New Zealand in the America’s Cup, and before that, the One World Challenge with the American team.

"I have found, in fact, that it is a good way to build your skills, gain new ones and keep fresh for the Olympic side of things.

"I don’t see it as a distraction and, as I said, the focus is 100 per cent on the Finn and this summer, making sure I do everything I can to be best prepared to get the right result."

BAR will compete in the 2012/13 season hoping to raise the estimated £30m in sponsorship needed to put up a strong challenge in the America’s Cup.