Although USF1 failed to make the grid for the current F1 season, another American outfit Cypher group hopes to make the grid as America's first F1 team after announcing that the team has already submitted a respective "letter of interest" to FIA. The team also revealed that their in talks with significant global partners 
Furthermore, USF1 ex-backer and YouTube co-founder Chad Hurley's is speculated to one of them after his aide Parris Mullins admitted to Autosport that "I would be lying if I said that I haven't been exploring other ways of entry into this sport. I am part of a project right now that is trying to enter the sport," admitting that he sees a customer car as a viable initial route.
Moreover, Ferrari Chairman Luca di Montezemolo who has been pushing hard for a rule change to allow three-car team entries, told Italy's La Gazzetta dello Sport: "I dream of a third Ferrari managed by an American team, with the stars and stripes flag., supporting the idea of a Us based Ferrari Team.
Previously hoping to be based in North Carolina, team is now considering to switch to Texas following the announcement of Austin's choice as the city to host the future US Grand Prix in 2012.
A Cypher spokesperson commented:
"With the securing of a Formula 1 Grand Prix in Austin for 2012 and beyond, Cypher Group would like to congratulate the state of Texas and all involved with their success...This new venue will undoubtedly excite all American and global Formula 1 fans alike... Cypher Group believes the securing of a US Grand Prix strengthens and highlights the need for a home team. Thus we are currently in contact with a world-renowned F1 manufacturer who, like Cypher Group, realises the potential of a US-based team. ....As we continue to move forward, Cypher Group has secured a significant global partner which, at this time, wishes to remain anonymous. With such a short time frame, it is a great challenge that lies before us; however we believe that, with the support of our partners and America, the possibility of an American Formula 1 team racing on home soil can become a reality."
