YouTube co-founder backing US F1 team

YouTube co-founder Chad Hurley is putting some of his fortune into Formula One as primary investor in the new U.S. F1 team due to enter the sport next season.

"I am thrilled to be a part of America's first Formula One team in more than 40 years," the multi-millionaire told the website.

"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."

Hurley, CEO of the video-sharing website that was sold to Google in 2006 for $1.65 billion in 2006, said he was attracted by the mix of technology, design and sport that Formula One represented.

"I see tremendous potential for all sports to integrate more media, more social connections, connect with the fans and build a fan base," he said in an interview ahead of this weekend's European Grand Prix in Valencia.

"And that's exactly what I hope to bring to US F1, bringing my experience and perhaps my opinions of how we could go about that.

"Obviously video is something I am deeply involved with today, and that is going to be a big part of what we do at US F1," he added.

"Hopefully we can create compelling content that individuals around the world have an opportunity to view and share, and really feel like they are part of the team."

U.S. F1 are one of three new outfits confirmed for next year's championship, with the starting grid due to be expanded to 13 teams from the current 10.

The team are due to use a Cosworth engine but intend to showcase American talent and technology from their base in Charlotte, North Carolina.