Supercars CEO Sean Seamer believes ‘Team Sydney’ is “tracking well” following a meeting with Jonathon Webb last week.
However, rumours surrounding the squad have grown rampant in recent weeks with suggestions the project would not go ahead.
Speculation claimed businessman and amateur racer Rod Salmon, who was linked with the deal, had cooled his interest, leaving Webb to go it alone.
However, despite the public uncertainty, Seamer believes the team is on track.
“I caught up with Jono last week,” Seamer confirmed to Speedcafe.com.
“He seems to tracking well. He’s happy with how he’s going.
“I’m sure he’ll let you know announcements on second drivers, et cetera in due course.
“There’s obviously a lot of work to be done between now and the start of the season, but from what we went through with Jono last week (it) was good. Seems to be on track.”
For his part Webb has been reluctant to speak about the project, though has confirmed to Speedcafe.com that he expects to make an announcement in the near future.
“We’ve got most of our things sorted, so I’m just waiting until we’ve got everything locked away and then we’ll let the world know what we’re up to,” he told Speedcafe.com.
There is little time for the squad to finalise plans, with just over a month remaining before cars hit the track at The Bend for the official pre-season test.
That is set to take place on February 18, with the Superloop Adelaide 500 set to follow on February 20-23.