Former Benetton, McLaren and Williams driver Alex Wurz is the figurehead for a new Formula 1 project in association with investment company Superfund.
Wurz confirmed that he and Superfund founder Christian Baha had submitted an entry for the 2010 World Championship and were optimistic about their chances of getting one of three open places on the grid.
They had decided, after being interested for many years , that the cost of running a team in 2010 was going to come down to a level where it would become economically viable.
Wurz has confirmed the team has already been in discussions with a current F1 outfit regarding a technical partnership and a provisional agreement had been signed.
The Austrian retired from F1 in 2008 but continues to race occasionally in sportscars and will be competing with the Peugeot team in the Le Mans 24 Hours.
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