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Sailing: America's Cup bid for Britain

The man who masterminded Britain's successful 2012 Olympic Games bid, Sir Keith Mills, has announced a British bid for the America's Cup.

Sir Keith said he expects to raise £20m a year for the next four years to see Britain compete in 2009, and the sports minister Richard Caborn said that no Lottery money would be involved.

Sir Keith, a keen sailor who was part of the winning crew in the Clipper Round the World race in 1999, said he would be underwriting the project and described his involvement as a "philanthropical exercise".