YouTube co-founder backs Team US F1

Following weeks of speculation linking Hurley with the operation, the Charlotte-based F1 team confirmed on Wednesday night that the millionaire will be the outfit's primary investor.

Speaking about the announcement, Hurley said: "I am thrilled to be a part of America's first Formula 1 team in more than 40 years.

"Getting in on the ground floor of a project of this size and scope is a tremendous opportunity, and I look forward to helping shape the US F1 vision and corporate strategy for years to come."

Hurley was one of the original founders of the video-sharing website YouTube, and has helped take it from its original concept to the huge global brand it is today. The business was sold to Google for $1.65 billion (USD) in 2006, although Hurley stayed on board to guide it.

As well as his financial input, US F1 has said that Hurley will bring his outside experience to the team to help with its corporate strategy and media planning going forward.

US F1 team principal Ken Anderson said: "Chad's addition to the team is a victory for USF1. Bringing in a businessman with his level of credentials, and experience in developing and fostering a vision for start-up companies, is an honour, and we look forward to taking on the Formula 1 challenge together in 2010 and beyond."

Sporting director Peter Windsor added: "This is a great day for USF1. Chad's commitment to this team is vital and his visionary expertise and leadership will help steer us into the future as we look to attract best-in-class sponsors, drivers, employees and fans in our quest to compete at the highest level of motorsports."

US F1's announcement about Hurley means that it is the first of the three new teams to confirm it has major investment on board, although AUTOSPORT understands that Manor Grand Prix has signed a deal with Virgin for a title sponsorship deal that will be announced in mid-November.