A few more details are available on the USF1 Team.
On their official Web site, Peter Windsor's blog gives us the name of the sponsor and an idea of the next steps the venture will take.
Goodby, Silverstein & Partners, the San Francisco-based advertising outfit, is one of the private investors in the project. Peter also states that they exceeded their investment goals before the official announcement on Feb. 24.
The blog entry further states that the team expects to sign an engine-supplier deal in the next few months, but that deal will only start in the 2010 calendar year, thus 2010 will be the earliest that the car will launch for testing. As quoted from his Windsor's blog, "no testing in '09 and a conventional time frame in which to design and build the car."
It appears they already have an engineering staff in place working out of temporary digs in the Charlotte area. They plan to move into their new headquarters around mid-year.
One other interesting note is the statement he makes about the time spent between Feb. 4 and Feb. 21, with the focus on "discussions with potential drivers." It would appear that they are already well into this process.