26 Feb 2009

American Formula One team launched

2:31 pm on 26 February 2009

America's Formula One team has been officially launched with organisers unveiling plans to begin competition with two cars in 2010.

The team will cost over $100 million a year to run and has been given the go ahead by Formual One supremo Bernie Ecclestone.

Some have questioned the timing of the announcement because of the global economic crisis, but team management say they're not worried as they're intending to have a "lean, mean" structure.