US legends plan All-American F1 team

Details of the audacious move are sketchy, but Gurney explained some of the background behind the project at Indianapolis. A deal to run Ford Cosworth engines is on the table, he claimed, but did not discuss what chassis would be used or any potential buy-out of an existing team.

"I think by the middle of October we'll know more," said Gurney. "It would be American-owned and it will be with more than one person. I'd like it to be a US team with US drivers. The time is perfect for this to happen."

The plan was first born two and a half years ago, although 1961 world champion Hill only came on board recently. He has never been involved in team ownership, unlike Gurney who ran the Eagle-Weslake outfit in the '60s.

"It's going to require certain dominoes to start falling pretty quickly," said Gurney. "One of the key things now is engines. We have a commitment, but not a contract, with Ford Cosworth."

Gurney named two business partners, Bob Balachowski and Russ Olsen, who have completed "a lot of planning and leg-work". He added that F1 boss Bernie Ecclestone has promised to do all he can to help the team get off the ground.

Gurney ran a Champ Car team known as the All-American Racers until 1999, when he pulled the plug on the outfit. It is unclear whether he plans to relaunch the squad or buy into an existing team like Arrows or Minardi.

"As a racing fan myself, I know fans will be stoked about this," Gurney said.