John Booth, the Manor team principal, feels his organisation can be "a serious contender in Formula One" next season.
Manor F1 Team will be one of three new entrants on the grid from the 2010 season following yesterday's confirmation of the line-up by motor sport's world governing body, the FIA.
The Sheffield-based marque are to work in conjunction with Wirth Research Ltd, their technical partners who will design, develop and supply the car for its debut campaign.
Booth said: "This is a proud moment in the history of Manor. Having competed successfully in other categories, we can now look forward to the challenges and opportunities presented in motor racing's premier series."
Booth established Manor in 1990, since when the team has won 171 races and 19 championship titles in categories such as Formula Renault and Formula 3 Euroseries.
The likes of Lewis Hamilton, the current F1 world champion, and 2007 champion Kimi Raikkonen have previously driven for Manor, as well as Robert Kubica and Kazuki Nakajima.
As technical director, Wirth provides a wealth of experience in F1 as he has worked for March, Simtek and Benetton. "Formula One is the pinnacle of technical excellence and we look forward to producing technical innovation within a sensible budget," said Wirth.
"Our experience and commitment to racing meant that Formula One was the next logical step in our development. It was also logical for Wirth Research to partner with Manor Racing."
US F1 team director Peter Windsor confirmed their entry was the realisation of a plan first floated years ago.
"Our ambition is to first prove we can design and build a car in the US, and to be around for a long time," said Windsor, a former Williams team manager.
"We have been planning this team for three or four years, long before budget caps and the recession were even thought about. So we're just coming in to take our place in the sport, and where it falls is where it will go.
"We just hope, like everyone else, it will be one championship, and we will be competing in that one championship. But we're not competing because of what's going on now, we're competing because it's been a long-held ambition to be in F1."
Whether US F1 will be competing alongside the likes of Ferrari and McLaren next season is another matter given the furore still raging between those teams and the FIA.
Asked whether it matters if Ferrari are around, Windsor replied: "Of course it does. We all love the sport, and hope and pray it will remain as one championship.
"From our point of view we've so much work ahead of us that I can't really, at this point, imagine coming up for air, looking around and seeing what everybody else is doing.
"We'll be racing next year. We've just got to get on because we've a massive project and job ahead of us. That's the challenge we face."
Campos Grand Prix, run by Adrian Campos who competed in 17 races for Minardi in 1987-88 without scoring a point, hailed his team's entry as "a very special day".
Along with Manor and US F1, Campos will use Cosworth engines, but with a chassis designed by Italian constructor Dallara.
"We will be on the grid with a lot of dignity," added Campos. "I've been in this sport for 30 years. It's basically what I have done my whole life. Six years ago we tried, but when I talked about it with Bernie Ecclestone he said rubbish'. However, now he has given me his full backing, and I want to thank him and Max Mosley."
As for Campos' aims, he added: "I'm not thinking about winning races, but about being in the top 10 to generate income. Now it's time to work hard and think about this prize that we have been given."
