The entry of a new 12th Formula 1 team for next season is still under consideration from motorsports governing body FIA.
The FIA announced that the sport was seeking any interest from potential new entrants to the grid in early December, with F1 supremo Bernie Ecclestone confirming that a new American-based team could join the grid as early as next season.
The team, run by George Haas, founder of NASCAR outfit Stewart-Haas racing, are understood to have submitted an interest to join the sport after the FIA announced that they were open to a 12th team.
"I think Haas will be accepted," said Ecclestone, the sport's chief executive. "They have got the money but it's a question of whether they are going to spend it."
Ecclestone was originally dismissive of the idea, but has been convinced that the US team will have the wherewith all to be a successful F1 team. "A billion would last a new team owner four years. I've spoken to Haas but I don't know what they are going to do. It's America, so I don't know."
Formula 1 has endured a run of bad luck in the United States and has changed Ecclestone's opinion of the country and if they are interested in the sport.
A team know as US F1 was due to join the grid back in 2010 but failed to raise enough money, similarly, a street race in New York has been postponed for the last two years as the organisers still lack $100million to bring the planned 3.2 miles of public roads up to Formula 1 standards.
Ecclestone is not only persisting with this race but also wants to add another race on the west coast of America in California. Which would be bolstered by having Haas invest in an F1 team, as he is such a well-know name in Nascar, the number one motor sport series in the US.
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