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Friday, August 21, 2009

US F1 Lands YouTube Co-Founder As Primary Investor

VALENCIA, Spain -- The new US F1 Formula One team has landed YouTube co-founder Chad Hurley as its primary investor for its 2010 debut racing campaign.

"I am thrilled to be a part of America's first Formula One team in more than 40 years," Hurley said in a statement. "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 is chief executive of YouTube, the video-sharing Web site that has become a global phenomenon worth $1.65 billion.

Hurley said that he would bring corporate strategy and media planning experience to the team, with video expected to be "a big part of what we do at US F1."

"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. "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."

Charlotte-based US F1 is one of three new teams added to next year's championship to push the starting grid from 20 cars to 26.

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