Rod Carr, Sir Keith Mills and Richard Caborn unveil Britain's plans

The team will compete in at least two America's Cups, probably in 2009 and 2011, and will recruit the team's crew over the next six months.

Leading London 2012 official Sir Keith Mills will head up the Origin team which will bid to win the trophy for Britain for the first time.

"We intend to build a team capable of winning the America's Cup," said Mills.

"Britain is the world's leading sailing nation and we hope this is the dawn of an exciting venture that will create sporting history."

Minister for Sport Richard Caborn added: "The America's Cup is one of the most prestigious sporting spectacles in the world, and having a British team in the event is an ideal way to promote the UK's talents on the seas.

"With the recent worldwide success of our elite sailors and increased participation at all levels I am delighted to see a British team take on the challenge of the America's Cup."

Britain last competed in the event in 2002 but lost in the quarter-finals in Auckland.

The syndicate subsequently folded leaving Britain with no entry for this year's America's Cup in Spain.

The date and venue of the next event will be set by the new champions but is not likely to be before 2009.

A number of British yachtsmen will be sailing for other syndicates in 2007, including double Olympic gold medallist Ben Ainslie (Team New Zealand) and fellow Olympic champion Iain Percy (Italy's +39 team).

Double Olympic silver medallist Ian Walker, the skipper of GBR Challenge in 2002, is also sailing for the +39 Challenge.

The trophy, first raced for in 1851, is held by Swiss outfit Alinghi who beat Team New Zealand in Auckland in 2003.

The America's Cup is a head-to-head match-racing event featuring a challenger series to determine the team that will contest the trophy proper with the holders.