US F1 confirms YouTube's Hurley as 'primary investor'

The new US F1 Formula One team has confirmed that Chad Hurley, co-founder and CEO of YouTube, has signed up on a multi-year arrangement as its "primary investor". A press release said American Hurley, 33, will "provide visionary guidance and ...

The new US F1 Formula One team has confirmed that Chad Hurley, co-founder and CEO of YouTube, has signed up on a multi-year arrangement as its "primary investor".

A press release said American Hurley, 33, will "provide visionary guidance and corporate strategy expertise" to the new-in-2010 outfit headed by Ken Anderson and Peter Windsor.

It was not explained if the deal involves sponsorship by the YouTube video-sharing website, whose relationship with Bernie Ecclestone's Formula One Management has been a difficult one.

"Getting in on the ground floor of a project of this size and scope is a tremendous opportunity, and I look forward to helping shape the US F1 vision and corporate strategy for years to come," said Hurley.

Team principal Anderson added: "Bringing in a businessman with his level of credentials, and experience in developing and fostering a vision for startup companies, is an honour, and we look forward to taking on the Formula One challenge together in 2010 and beyond."

Sporting director Windsor said: "Chad's commitment to this team is vital and his visionary expertise and leadership will help steer us into the future as we look to attract best-in-class sponsors, drivers, employees and fans in our quest to compete at the highest level of motor sports."

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Series Formula 1
Drivers Bernie Ecclestone