( CNN ) -- Formula One 's new Team U.S. F1 will have the financial backing of YouTube co-founder Chad Hurley -- and the video sharing Web site 's chief executive expects to make a big impact in motorsport . Chad Hurley is hoping his start-up experience can help the US F1 team become a major player . The American , who along with co-founders Steve Chen and Jawed Karim sold YouTube to internet giant Google for $ 1.65 billion in 2006 , has faith in the team 's prospects for the 2010 season . It is fronted by engineer Ken Anderson , formerly involved with NASCAR team Haas CNC Racing , and Peter Windsor , a journalist who has worked with F1 's Ferrari and Williams . `` I believe in Ken and Peter and the team that they have put together , and I believe that we have a chance to hopefully start from a clean slate and try to build a team in a different way , '' Hurley told Web site Autosport.com . Hurley started YouTube from scratch , and sees parallels with his involvement with US F1 . `` The business aspect of what attracted me to US F1 is just that , that it is a start-up , '' he said . `` And it 's a very similar situation to one that would be in Silicon Valley . `` It 's a small team of talented , smart individuals trying to break the mould , trying to accomplish something that others think is impossible . '' However , Hurley does not expect instant success for the new franchise , which will be the only F1 outfit based outside of Europe and comes into the sport in difficult economic times when sponsors are dropping out . `` Obviously we want to be competitive , '' he told Autosport.com . `` I know there is going to be a lot of competition -- it 's going to take quite a few years to ramp up this team and get the cars into a position where we are competing for the world championship , but ultimately that 's our goal . `` We 're not necessarily going to get involved and be satisfied with just getting a car onto the track . Our aspirations and goals go much farther than that . '' While major manufacturers have been reviewing their participation in motorsport 's premium category -- Honda withdrew at the end of last year and BMW will end its association with Sauber at the end of this season -- Hurley is confident that he can find other investors to back the American team . `` I hope so , and I hope it goes beyond Silicon Valley , '' he said . `` I am definitely going to be involved in helping the team with sponsors , helping the team with business relationships , and helping the team with integrating technology -- ways that they can leverage and benefit from social media and the Internet broadly . `` So in many ways , I hope to add benefit to the team and what they are trying to accomplish . ''
Chad Hurley new Team U.S. F1 backed by YouTube co-founder Chad Hurley . Hurley primary investor in American outfit ahead of its debut season in 2006 . He sold video sharing Web site to Team U.S. F1 in 2010 but is still its chief executive . Hurley hopes new American team will make a big impact in elite motorsport .