Longstanding rumors of an All American racing team trying to make its foray into Formula-1 have now been  confirmed by Max Mosley. Speaking to reporters in London yesterday, Max Mosley confirmed the news saying a group of serious people from America are indeed trying to build and All American team and the present cost cutting initiatives of FIA are sure to make them competitive.

The new team, christened USF1 is the brainchild of Ken Anderson, who worked for the Ligier and Onyx F1 teams in the 1980s before becoming a successful designer and engineer in American motorsport, and former Williams team manager turned journalist and broadcaster Peter Windsor.

USF1’s founders, who have been planning the team for four years, believe now is the ideal time to launch a new grand prix team, as the FIA and FOTA’s cost-cutting measures have slashed the budget required to enter the sport and forced manufacturers to offer affordable engines to teams. It is believed that USF1 is planning a North Carolina headquarters, possibly with a small Spanish test base, made possible by the current number of overseas races and the new in season test ban.