From formula1.com

Plans have been officially announced for a new, American Formula One team, who hope to be on the grid for the start of the 2010 season. The project, led by F1 veterans Peter Windsor and Ken Anderson, will be based in Charlotte, North Carolina, with European satellite facilities likely to be located in Spain.

Peter Windsor added that both Formula One Management and the FIA had been informed of the plans back in Brazil 2006.

The team, currently known as simply USF1, say their mission is 'to prove that American technology, American drivers and the American competitive spirit can compete and win on the F1 global stage'.

Though the team has yet to make any firm decisions on drivers or engine supply, they plan to take full advantage of Formula One racing's latest cost-cutting measures, which they believe will help them run a competitive, lean and highly efficient operation.

"For every manufacturer involved in Formula One now, their biggest market is the US. The only exception to that is Renault, but they have an alliance with Nissan, so it could still make commercial sense for them," Anderson pointed out.

The recent ban on in-season testing, plus the high number of Grands Prix outside Europe, also means that Windsor and Anderson are not expecting the team's unusual location to present any major logistical problems.

"Forget those days, forget the US$100m budgets, forget the US$30m retainers for drivers. Over the next three to four years it is going to change dramatically, and that is our period," Windsor said.