YouTube, official sponsor of the USF1 team

USF1, a new American Formula 1 team starting in 2010, made a big move by securing the services of YouTube and its co-founder and CEO, Chad Hurley. The company will be a sponsor starting next season in Grand Prix. After several weeks of speculation, Hurley, involved with the operation, confirmed on Wednesday evening that he is the team’s primary investor from across the Atlantic.

Speaking about the announcement, Hurley stated: “I am thrilled to be part of the first American Formula 1 team in over 40 years. Being at the foundation of a project of this magnitude is an extraordinary opportunity, and I look forward to helping shape the vision and corporate strategy of this team for the years to come.”

Hurley, a multi-millionaire, was one of the founders of the video-sharing site YouTube, and helped turn its original concept into a major global brand. The company was sold to Google for $1.65 billion (1.16 billion euros) in 2006 even though Hurley stayed on to guide it. In addition to his financial support, USF1 stated that Hurley will bring his experience to contribute to overall strategy and media management.

Ken Anderson, team principal of USF1 stated: « This is a victory for USF1. Bringing in a businessman of his caliber who has power, experience in development and promoting a start-up is an honor, and we look forward to this new challenge for 2010 and beyond. »

The sporting director, Peter Windsor added: « It’s a great day for USF1. Chad [Hurley’s] commitment is essential. His expertise and leadership will guide us towards a more serene future. Thus, we hope to attract the best participants in the top category of motorsports, such as drivers, employees, and even F1 fans. »

The contract between USF1 and YouTube is the first major investment to be confirmed for a new team, even though Manor GP is said to have signed a sponsorship contract with Virgin, which was announced at the earliest in mid-November.