Haas Plans to Field Formula 1 Team in Next 2 Years

The team will be called Haas Formula, he said Monday at a news conference.

Haas says he should know within the next four weeks if the team will begin racing in 2015 or wait until 2016. He says part of that depends on how long it takes for Haas Formula to find an engine supplier.

Haas Formula would be become the first American-based Formula One team in more than three decades to join the racing series.

Although there's plenty of skepticism over his decision, Haas says "I wouldn't be doing it if I thought I was going to fail. But that's the challenge — proving other people wrong."