Thursday, August 20, 2009

2010 Formula One World Championship entrants USF1 have secured an investment deal with YouTube co-founder Chad Hurley, British magazine Autosport have revealed.

Hurley was positive about the future, and hinted at long term involvement with the team.

YouTube was bought out by search engine giants Google in 2006, which has consolidated the video-sharing website as a global phenomenon, valued at $1.65bn. However, its relationship with Formula 1 has not always been rosy. Video rights to Formula 1 are under the strict copyright of Bernie Ecclestone’s FOM concern. Videos of Formula 1 footage posted on the website are soon challenged and removed, however once removed they are soon replaced, due to the sheer number of videos on the site.

USF1 team principle Ken Anderson was positive about the deal, noting that Hurley’s business acumen and experience in setting up a global brand from scratch can be applied to the fledgling team.

Autosport have also revealed that veteran drivers Alexander Wurz and Pedro de la Rosa may be in the running for a seat alongside “an American rookie”. Austrian Wurz has not competed in Formula 1 since 2007 (For Williams in China), and de la Rosa has not raced competitively in F1 since 2006, when he replaced Juan Pablo Montoya at McLaren mid-way through the season.

The other two new entrants for next year, Campos Grand Prix and Manor Motorsport are yet to announce any investment or sponsorship agreements.

Hurley’s involvement is unlikely to see the YouTube logo added to the car as this is a personal involvement independent of his current position with YouTube.