We first heard about USF1 at the beginning of February, and although it started out as speculation, it soon became clear there was something of substance behind the rumours. With Ken Anderson and Peter Windsor at the helm, the team seemed destined for great things, and their official announcement today caused quite a stir.

Although there were no major details to reveal, Anderson and Windsor appeared on Speed TV to exclusively confirm that USF1 was going ahead and plans were on course for the team to be on the grid in 2010. They even went so far as to say that both Bernie Ecclestone and Max Mosley were on side, and looking forward to welcoming the new team to the sport.

There has been plenty of guesswork involved about who the drivers might be, and although the team want to stay as true to their American roots as possible, they have admitted they want to bring experienced drivers on board. Starting a team from scratch isn't easy, and they will need drivers that can bring confidence and suggestions to the garage.

Anderson admits that their car is taking shape and they will most likely have it ready by autumn. They are certain it will be ready to get into winter testing as soon as possible before the 2010 season gets underway.

Although the aim is always to win in Formula 1, USF1 say their goals for the first couple of season's will be modest. Reliability and a couple of points here and there will be more than enough, until they can get to grips with the regulations and start winning.

It always seemed an odd time to start an F1 team - in the midst of a recession - but Windsor said that he approached Bernie about the idea in 2006. Ecclestone said it was a good plan, and told Peter to go and get on with it. The idea has taken over two years to come to fruition but now their plans are starting to come together. The pair suggest they have the funding to get the team going, and no doubt they will be able to find sponsors willing to back them. Other than that, their main aim is to try and promote the American dream - winning - as soon as possible.