CHARLOTTE (North Carolina) - AMERICA'S Formula One team was officially launched on Tuesday with organizers unveiling plans to begin competition with two cars in 2010.

USF1 will be based in the heartland of America's stock car series Nascar and will be backed by Peter Windsor and Ken Anderson. Both have been involved in helping run Formula One teams in the past.

mr Anderson said having an American F1 team is an ideal fit.

'There's more equipment, more people here than anywhere on the planet,' said Mr Anderson who has worked for two Formula One teams.

Said Mr Windsor, 'We've got the capital to do it.' Mr Windsor and Mr Anderson did not go into details about how they would finance the team but they have projected their annual budget to be about US$62 million (S$94 million).

They have yet to choose their drivers but said they are considering approaching people like Scott Speed, Marco Andretti, Kyle Busch and Danica Patrick.

Mr Windsor said Formula One head Bernie Ecclestone has given them the green light to go ahead.

'He said, 'Great, get it done,'' said Mr Windsor. -- AFP