"Before I committed myself I needed to be confident we could win it", said Sir Keith Mills. "I don't want to just compete".

In the modern era, Britain has never even reached the main event of the America's Cup - their most recent efforts, in 1987 and 2003, ended before the semis - and later this year, when the Cup is contested off Valencia, they won't even have a team.

"Sailing has been one of our most successful Olympic sports and we've got great talent among yachtsmen and designers", said Mills. "The fact we've got 60 Brits working in America's Cup teams in this year's competition in Valencia is a huge advantage. I'm very confident the bulk of them will join our entry for the next race."

Ben Ainslie, winner of two Olympic golds for Britain, is currently part of the New Zealand team. Other Olympic medal-winning British sailors, like Iain Percy and Ian Walker, are also getting good experience in Valencia.

Chatting about his involvement in future America's Cup Russell Coutts was asked if he would consider signing up with the British team given the chance.

"I really don't think that would happen because there are plenty of people they can tap", he said. "I haven't seen a cohesive British team in the America's Cup for the last 20 years but I think Keith Mills seems to be the sort of guy to put together an excellent programme".

"Just look at his track record it's pretty inspiring. It would be great to see a British team in the Cup, a well-organised team in the Cup. All the elements are there; great designers, great sailors and great sponsors and plenty of funding opportunities."

With or without Coutts, it won't come cheap as the top teams in this summer's America's Cup will have spent anything from €40m to north of €80m.

"We need methodical planning and a belief that this is a challenge for the whole country", said Mills, who appointed Nick Masson as Origin's commercial director. Masson was formerly in the same position for the Alinghi team.

"The image of a billionaire - and incidentally I'm not one - using the America's Cup as his toy doesn't work. We're intent on building a professional operation, backed by British business and the public".

"It will cost 30 million euros (around $40 million) a year to mount a serious challenge and "in a worst-case scenario commercial sponsorship will fund half and we'll cough up the rest".

"At the moment 'we' means 'me'. But I expect to have two or three other 'mes' pretty soon", Mills concluded.