New American team eyes F1 debut

In the wake of the USF1 calamity, another American group has signalled its intention to race in formula one next year.

Cypher Group confirmed on Thursday that it has submitted a "letter of interest" about obtaining the 13th and final spot on the 2011 grid.

The company said it consists of "experienced F1 engineers, designers and businessmen" whose objective "is to create a successful US-based F1 team".