Britain will challenge for the 33rd edition of the America's Cup, likely to take place in 2009, it was announced on Thursday.

Founder of the Air Miles and Nectar loyalty card businesses, Sir Keith Mills announced he is to create a new British America’s Cup sailing team.

The British businessman who ran London’s victorious bid to host the 2012 Olympic Games is to sink up to £80m of his fortune (about €120m). The Sunday Times Rich List estimates Sir Keith's personal fortune as $385 million (about €300 million).

"We intend to build a team capable of winning the America’s Cup to ultimately bring the Cup back to Britain for the first time since 1851", he said. "Britain is the world’s leading sailing nation and we hope this is the dawn of an exciting venture that will create sporting history".

The team, to be named Origin, will compete in the competitions likely to be held in 2009 and 2011. Sir Keith will underwrite the annual budget of £20m (about €30m) but is confident that more than half will be provided by commercial sponsors and other individuals.

Sir Keith is confident his new bid will be more successful, not least because of the rich seam of sailing talent that has produced Olympic gold medallists Ben Ainslie and Shirley Robertson, as well as round-the-world record holder Ellen MacArthur. He is recruiting designers, management and crew, many of whom are engaged in the qualifying series for the 32nd America's Cup competition in Valencia this summer.

"The reason that we have announced our launch today is that there is much to be done while the current 32nd America’s Cup competition is underway", he added. "We will be contracting team members, establishing our UK base, acquiring the necessary assets and discussing the opportunity with prospective syndicate members and sponsors. In essence, we are officially ‘open for business!".

At today’s announcement at the Design Museum in London, Sir Keith Mills revealed that Origin will participate in at least two America’s Cup campaigns, likely to take place in 2009 and 2011 respectively.

"Having a British challenge for the 33rd America's Cup is fantastic news", commented Michel Bonnefous, CEO America’s Cup Management. "Britain is where the oldest sports trophy begun and it goes without saying that the UK is well-known for being a great sailing nation".