Team Superfund will join Campos Meta 1, Prodrive, Team US F1, Lola, Litespeed and March as new entries for 2010, alongside Williams as an existing team, all of which have accepted the FIA's plans to impose a budget cap.

Planning has been ongoing for some time, although the current dispute between the FIA and the Formula One Team Association, that may leave the nine existing F1 teams without a valid entry, will delay the acquisition of staff and assets until such time that the future direction of the sport is determined.

"The team is starting from a very solid platform," Wurz explained to Autosport. "It is also different from the other entries we have seen talked about. They are all either returning constructors or existing teams from other formula – what I like to call petrolheads – who are possibly keen to go F1 racing because it's the pinnacle of motor racing.

"Superfund on the other hand is a multi-billion dollar business that over the past years has grown stronger and Christian Baha sees F1 as an extremely powerful promotional tool for a company that returned very good profits, for its investors in such difficult market situations like we currently see. We are taking this project extremely seriously."

Wurz's desire is to become a full constructor, but a dose of realism means the team will likely be a customer team initially, perhaps even sharing facilities.

"I wouldn't want to end up as a pure customer team for years to come," adds Wurz. "We would prefer to work with an existing team to begin with. We have been in discussion with a number of teams and in fact have signed a provisional agreement with an existing team.

"It might be worth renting space in an existing team's factory. With the cost-cutting regulations some of them are now running at 50-60% of their capacity, with the ban on testing and reductions in manufacturing and man power.

"It's a win-win situation for the business, but also for lots of staff which otherwise would have to be made redundant."

The team will use a standard Cosworth V8 engine that will be available to all teams at a relatively low cost. With some potential significant changes in teams over the next few months, the driver market will likely open up some interesting possibilities, but Wurz himself has not ruled out driving.

For 2009, Wurz will be racing with Peugeot at Le Mans once more, and will continue with Brawn GP. He retired from F1 in 2007, but added "in the future I don't know, let's take it step-by-step. I love the Peugeot and sports cars, but I am very excited on the prospects what 2010 can bring..."