NASCAR team owner Gene Haas has said that he is not underestimating the obstacles he faces in setting up his own Formula 1 team.

The American, who co-owns Stewart-Haas Racing, has been mulling over a move into the sport for a number of years, and while he believes that his success in NASCAR will translate to success in F1, he admits that putting a successful outfit together will be difficult.

Haas is quoted by Autosport as saying: "It's filled with peril, and there are a million ways to fail. All of those reasons are why you do it; just to see if it's something you can do.

"It's certainly an enormous challenge, and not something that cannot be taken lightly. But neither can NASCAR racing."

Virgin (now Marussia), Team Lotus (now Caterham) and the now-defunct Hispania Racing Team were the last trio to set up new teams from scratch in F1 in 2010.