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Sir Keith Mills (first referrer); Team Origin LLP (appellant) (TC5844)
Whether activities constituted trading
Sir Keith Mills set up a limited liability partnership Team Origin with the aim of participating in the America’s Cup international sailing competition. In April and May 2007 Team Origin opened offices in London Portsmouth and Valencia in Spain and started negotiations with a yacht club RTYC with the view to it acting as the designated club for the next competition. It also bought a boat for the racing team to use for training and competition.
Sir Keith and other professionals worked on a business plan which projected that if Team Origin won two successive cups and therefore hosted two it would make a cumulative profit. Other income streams including from sponsorship merchandising and other hosting-related sources were identified. The business approached possible sponsors and the sailing team competed in several races as part of its sponsorship...
