(CNN) -- American entrepreneur Gene Haas is a great believer in the adage "you've got to speculate to accumulate." Which goes some way to explaining why he's prepared to enter the dollar-draining world of Formula One -- and expects to make money. Tthe 61-year-old NASCAR team owner has been motoring on with his plans to build his brand new Haas F1 Team from scratch to join the grid in 2016. As the founder of Haas Automation, he sees F1's global world championship as the perfect shop window for his billion dollar machine tool manufacturing business. "If I can achieve an extra billion in sales, we will pay for whatever F1 costs," the Californian told CNN's The Circuit.
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Gene Haas wants to bolster business brand by founding a Formula One team
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The American's Haas F1 Team is due to join the world championship in 2016
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Haas, who owns a NASCAR team, wants to win a grand prix within the first five years
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"F1 is the biggest challenge of my career but I don't have any doubts we can do it," he says
"I tell ya, an @placeholder team with an American driver would be simply hitting it out of the ball park as far as the media would be concerned," enthused Haas.