The Australian aviation entrepreneur told reporters in a teleconference on Monday that the Indianapolis-based team will be renamed Minardi team USA.

Stoddart, who sold his F1 team to Red Bull at the end of last year, said also that negotiations were ongoing to bring Dutch former Formula One drivers Jos Verstappen and Robert Doornbos to the U.S. series formerly known as CART.

"Jos and I go back a long way. He drove for me in 2003 but I go back as far as '97 with Jos...I think he would be an asset to Minardi team USA and, yes, there are negotiations going on," added Stoddart.

"Again, Robert is someone we are talking to."