With the demise this winter of the fledgling USF1 venture, it was not widely known that YouTube co-founder Chad Hurley was involved in frantic, last-minute efforts to salvage the initiative. Now it appears that Hurley’s advisor Parris Mullins is working on a “stealth mode” start-up that would apply a Silicon Valley venture capital fundraising model to power financing for an American Formula One team. Renewed American Bid to Break Into F1 | Racer.com.

Like Larry Elison’s America’s Cup entry, we suspect that Hurley has the resources to back this deal. It could be a great development for US Formula One participation in the still (despite FIA’s frequent pledges to reduce costs) insanely expensive Grand Prix series. Go Chad!

Char Hurley & Steve Chen