One of the figures behind the prospective American Formula One team has stated that plans for USF1 are well and truly under way, with a formal announcement expected later this month.

Ken Anderson, one of the two principals of USF1, has told The Charlotte Observer that the team will be based in the American city, adding that "95% of what you might have seen" about the plans is true.

"We are looking at a couple of buildings in Charlotte, including one in the University area," he said.

Anderson has a long history in American motorsport, in both the IndyCar and NASCAR series, and also spent some time as a technical director of the Ligier Formula One team in the late 1980s.

According to the Observer, Anderson's partner in the USF1 enterprise is Peter Windsor, a former team manager for the Williams F1 team who also worked for Ferrari and is now a highly respected journalist in the sport.

This year will mark the first time since 1987 that F1 will not visit North America, after the Canadian Grand Prix was dropped from the 2009 calendar. As one of the key hubs of the global motor industry, Anderson believes America's presence in F1 makes sense.

He added: "All of the teams' sponsors want a presence here and American companies are going global. F1 is the biggest television show in the world, bar none."