YouTube CEO Chad Hurley joins USF1

Chad Hurley is joining USF1

Chad Hurley is joining USF1

Chad Hurley, the co-founder and present CEO of YouTube, has joined USF1, following rumours that emerged two weeks ago linking him to the team.

Hurley said:

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 USF1 vision and corporate strategy for years to come.

As we discussed earlier the implications of the tie-up are interesting as Formula 1′s commercial owners are at pains to stop fans sharing F1 videos (even those they shot themselves) being uploaded to YouTube. Hopefully Hurley’s arrival on the scene will help awaken the powers-that-be to the massive opportunities for promotion YouTube offers.

The deal is a serious coup for USF1, who have brought on board a man who helped found a website that was sold for $1.65bn just 17 months after it was set up.

It’s not clear whether this means we’ll see YouTube logos on the side of the USF1 cars in 2010.

Press release

CHAD HURLEY, CO-FOUNDER AND CEO OF YOUTUBE, JOINS USF1 TEAM

Hurley to Provide Visionary Guidance and Corporate Strategy Expertise to America?s First Formula One Team in More Than 40 Years

Charlotte, N.C. (Aug. 20, 2009) ?ǣ Taking on the might of the world?s best race teams just got a little bit easier for USF1 as it was announced today that Chad Hurley, YouTube co-founder and CEO, has joined the American operation in its quest to compete on the world?s grandest of motorsports stages in 2010 and beyond.

USF1, led by Formula One veterans Ken Anderson and Peter Windsor, is bidding to become the first American team to win a Grand Prix since Dan Gurney?s Eagle in 1967. USF1, which was formally accepted by the Federation de l?Automobile (FIA) on Friday, July 31, when it signed the Concorde Agreement, is currently designing its racecar and developing its sponsorship portfolio and driver lineup.

??I am thrilled to be a part of America?s first Formula One team in more than 40 years,?? Hurley said. ??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 USF1 vision and corporate strategy for years to come.??

In his role as USF1?s primary investor, Hurley will bring his entrepreneurial ingenuity and unique outlook on social media to USF1 while also providing corporate strategy and visionary expertise to the startup operation. Hurley will be a major force behind the team?s goal to showcase that a U.S.-based team with American technology can compete again in Formula One and eventually win races in the most prestigious and most celebrated motorsport in the world.

??Chad?s addition to the team is a victory for USF1,?? said Anderson, USF1 president, CEO and team principal. ??Bringing in a businessman with his level of credentials, and experience in developing and fostering a vision for startup companies, is an honor, and we look forward to taking on the Formula One challenge together in 2010 and beyond.??
Hurley is credited with helping take YouTube, the world?s largest video sharing site, from a simple idea to a cultural phenomenon which in 2006 was awarded ??Best Invention of the Year?? by Time Magazine.

??This is a great day for USF1,?? said Windsor, executive vice president and sporting director for USF1. ??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 motorsports.??

For much of the last 10 months USF1 has been designing its racecars from its headquarters in Charlotte, North Carolina, the motorsports capital of the United States. The location of the 40,000 square-foot facility provides accessibility to top-level staff members and the highest concentration of racing-specific suppliers, technical analysis companies and testing partners in the United States.

Formula One is the world?s most popular and recognizable form of motorsport featuring racing?s most advanced cars and talented drivers. In 2009, Formula One is holding 17 races in 16 countries that are televised in nearly 200 countries with worldwide viewership of race broadcasts likely to exceed 600 million people.

About USF1 Team

USF1 Team is an officially sanctioned and approved Formula One operation that was formed by motorsports veterans Ken Anderson and Peter Windsor. From the design and construction of the racecar to the development of the next generation of American drivers, USF1 brings an authentic American effort to the global stage of Formula One. Headquartered in Charlotte, North Carolina, motorsports capital of the United States, USF1 will compete full time in 2010 and beyond in one of the world?s largest and most popular sports.

Read more

Image courtesy of eirikso via Flickr

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27 comments on YouTube CEO Chad Hurley joins USF1

  1. manatcna said on 21st August 2009, 5:07

    Several F1 sites are now saying the same thing re Petrov

  2. Gman said on 21st August 2009, 6:40

    All in all, this is a very good news item for USF1 and the sport in general. Any time you get a guy who not just has money himself, but connections to many other sources as well, It’s a good deal for the team involved. Hopefully more such announcements will put to rest the theory of the team actually being a phantom entry that exists in name only and has no real headquarters or staff ;)

  3. Any news is good news, but show me a sponsor and a team infrastructure please. As a private equity investor I’m hoping Hurley will find the sponsors so he can at the least recover his initial bankroll.

    His interview didn’t expose any brilliant insights or novel approaches to sponsorship, other than “new media”.

  4. I question Mr. Hurley’s reason for investment in formula one racing as not out of love of the sport and would think that his prospective investment should be reviewed by the proper authorities.

  5. I would like to know more on this.

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