The British engineering firm was once a mainstay on F1 grids, powering teams in every season from 1963 through 2006, when Williams switched to Toyota customer engines, leaving Cosworth with no partner teams. However FIA president Max Mosley recently pitched a proposal for Cosworth to provide a sanctioned, low-cost engine package for independent teams. None of the teams adopted the idea at the time, but USF1 could find it more attractive in keeping with its independent profile, especially since Cosworth was bought by American racing organizers Gerald Forsythe and Kevin Kalkhoven of Indy racing fame.
As for the name, the team is currently known alternately as USGPE (United States Grand Prix Engineering) or Team USF1 because the F1 name is owned by Bernie Ecclestone and company. For its part, the team says that its official name will be revealed as the next season approaches.