Ken Anderson, one of the men behind the proposed Formula One team USF1, has broken cover admitting that plans for the team are well and truly underway and that a formal announcement will be made later this month.

In an interview with the Charlotte Observer, Anderson said of speculation regarding the proposed team; "95 percent of what you might have seen is true".

"We are looking at a couple of buildings in Charlotte, including one in the University area," he revealed when asked about the team's HQ.

Asked for more background on the team, Anderson confirmed that it will be an all-American project: "Not many people here know much about it, but there are talented Americans in Europe doing very well right now.

"All of the teams' sponsors want a presence here and American companies are going global," he continued. "Formula One is the biggest television show in the world, bar none."

While some question the effectiveness, and indeed cost, of running an F1 team from the United States as opposed to Europe, Anderson said: "90 percent of the technology that exists in F1 comes from the U.S. anyway."

While refusing to give further details, Anderson suggested that at the time of confirming his team's entry in the 2010 championship, he will also confirm the identity of at least one driver.