Gurney and Hill in all-American F1 project

"The time is perfect for this to happen," he continued. "It's going to require certain dominos to start falling pretty quickly, but it could be a monumental situation. We have a commitment from Cosworth, and we could have a signed contract in a couple of weeks.

"Bob Balachowski and Lef Olsen have a very good business plan that will stand up to scrutiny, and they've done a lot of the planning and legwork. We'll end up with major American sponsorship that wants global racing exposure and business."

The announcement made no clarification as to whether this was a new project or the purchase of an existing F1 company, such as Arrows Grand Prix International. The inevitable speculation is also already linking the US investors to a possible offer to purchase KL Minardi.

Minardi team principal Paul Stoddart commented: "The first person who does do this [create an American team] is probably going to be very successful, because it's an untapped market out here. The first team that breaks into America with an American driver or drivers is going to open up a whole new sponsorship market. There have been no direct discussions but I would consider it quite a challenge to be involved with this. We're probably the only team that could be."

Ford's commitment (subject to contract) to supply V10 engines for the project next season implies that Cosworth would have the capacity to supply four teams in 2003, instead of two as at present. Cosworth is already committed to supplying the factory Jaguar Racing team and Jordan Grand Prix next year, and KL Minardi is in advanced negotiations for a third supply.

Ford's Premier Performance CEO Niki Lauda said: "We were approached and asked if we had an engine, and we said 'yes'. Nothing is done yet, but negotiations are taking place." As to supplying four teams, Lauda added: "We're still working that out. We're in such early stages that we never got into all those details."

Should the project be realised by a takeover or part-purchase of KL Minardi, Cosworth's 2003 commitment would be to three teams only.

McLaren International CEO Ron Dennis said of the new US project: "I think these two guys, as long as they have the budget and they choose the right people, will bring something that we should really welcome. If we've got an American grand prix team, then you really have got something to pull the crowds in. But, as with so many things in this world, it's easy to say you are going to do something... We welcome them, but I don't think they realise how steep a hill it is that they are about to climb!"