Gurney Planning All-American F1 Team for 2003

American Dan Gurney announced plans today to set up an all-American Grand Prix team in time to take part in next year's World Championship after a two-and-a-half year build up.

Former Grand Prix star Gurney has been working directly on the project for the last nine months, while ex-Grand Prix World Champion Phil Hill joined the venture recently, a release from the US Grand Prix organisers stated.

"I think by the middle of October we'll know," Gurney said of the project. "It would be American ownership and it would be more than one person. I would like it to be a US Formula One team with US drivers.

"The time is perfect for this to happen. It is going to require certain dominos to start falling pretty quickly but it would be a monumental situation. The reality is it would need to be done properly."

There is a "commitment" from Ford Cosworth to provide engines for the team but no details were given of who the chassis will be developed by or whether the project is linked to the struggling Arrows team.

But Gurney added: "One of the keys right now is engines and we could have a signed contract in a couple of weeks' time. If we have our way we will see you here next September (as a team)."

Energy drink giants Red Bull have previously detailed an interest in creating a Team Red Bull USA to run with American drivers and announced on Thursday that they will be running an American driver development programme for the next five years.