Is it a sport or a pastime, can it be both?

Without getting too bogged-down in symbolic interactionism, I'd say that there's two ways to view it. 

Firstly look at from the outside- how society sees us.  The 'me' so to speak.  I think its pretty clear most people I've come across do not consider it much of a sport, certainly at the levels most here compete at.  The stereotypes of 'not spilling one's gin' when you just sit there sailing and the associated assumed affluence boat ownership brings are hard to shake off.  I think the AC publicity might have an effect of making sailing appear more sporting- but like F1, the affluence barrier then becomes even harder to shake.  Billionaires racing millions of dollars of catamarans around glamorous locations (Portsmouth graciously excluded) do not convey the same image as The Mirror dinghy and its red top benefactor, or the boy-done-good who walks onto the pitch in a three Lions shirt.  

When such extreme examples of the sport are the focal point of mass-media attention is probably not doing 'sailing' much good for participation in the long term; although I do accept that's a view from a bloke sat in a matured capitalist economy, not someone sat with huge aspirations in a rapidly developing country aiming for life's rich luxuries and consumer goods.  

Back here in Blighty, I think it goes without saying that Team GBR (and the RYA) do a wonderful job  'keeping it real', but they a fighting a broad social stereotype, loaded against them.  To most people the concept of boat ownership is completely alien- even if it's utterly possible to participate in sailing and run a boat for far less than a premier league season ticket.  

Whether we like it or not, perception is reality.... and a glaringly polarised debate about whether to try and focus on social (maybe even ethnic) inclusivity or alternatively, nurture the core with more modest ambitions around gender and age diversity, is fairly evident for anyone connected to promoting the sport- at local, national and even international level.  

Let's be blunt, your typical 1970's male dinghy sailor would probably have stood more chance of 'converting' his wife, children, grandchildren, colleagues, friends etc to the sailing club than he would leafleting a council estate or fly tipping a lamppost outside the mosque...  I don't really see what's changed, despite nearly 50 years of social mobility and racial integration.  

So for all the equipment changes we discuss here ad nauseam, the perception on the outside hasn't shifted.  If anything, I'd say it's probably got even more elitist and 'middle class' since the hey-day of homebuilt wooden boats.   But then that could be seen of reflective of society in general. What would Jack Holt say if he knew a new, competitive Solo dinghy was the price of a modest family car, or more directly, over half the annual average income?  That said, you could easily spend the same on very high end road bikes or a relatively basic family holiday.  And we have cheap finance now- something I don't think the industry side of the sport has really exploited to its full potential.  

That all being said, we are quick to defend ourselves- my season ticket comparison rolled out the keyboard without a second thought.  From the context of within the group, our group or sub-culture, I'd say we nigh on all consider it a sport.  Some of us, me included, even curtly call it a 'participation sport', compared to the countless other 'sporty folks' we know who define themselves by sports they watch on telly, or a bunch of young men in a team they happen to support with a passion I don't understand, and seemingly with some weird erotic undertone not dissimilar to 12 year old girls at a One Direction gig.     

This perception - how we see ourselves - is the 'I' for the Herbert Mead analogy.  Even going out for a burn, free-riding or cruising if your older, is a physical endeavour.  Work the winches short tacking a cruising yacht up a river will leave most breathless if they do it right.  Whilst we might acknowledge it is a not a competitive sport, it is a sport all the same- just like bike riding, rock climbing,  skiing & other winter sports etc.  

Most kitesurfer and windsurfers do not compete in organised races or competitions, however most would also consider it a sport- it's physical, the challenge comes from within- be that perfecting a freestyle move, planing out of a carve gybe or simply staying upright for a bit longer.  The sporting credential is almost never questioned, unless someone fancies trolling the equivalent forums and Facebook groups as this one.  Whether some on here like it or not, they are within the same family as sailing- and certainly from a sporting authority perspective, ISAF will control their sporting futures.  

So in summary, is it a sport or a pastime, or both?  It's both... it just depends on your perspective.  The questions really are, 'can we change that external perspective?' and more importantly, 'do we want to?'.  

It's all fun and games until someone get's hurt... then it's a sport. 

Agreed, you can get a second hand bike that works for £20-£30 and just get on it and ride. Not many dinghies around that float for that kind of money. Then you need to find somewhere to sail it or pay registration fees to allow you to sail it on rivers/use slipways (certainly inland). Plus you need buoyancy aids at a minimum and you really need some kind of formal instruction.....