When former SRT Motorsports/Fiat Chrysler Automobiles director Beth Paretta announced in May the creation of all-woman racing team Grace Autosport for next year's centenary of the Indianapolis 500, the news was met with a chorus of cheers from the open-wheel racing industry.

Now, Paretta has to make it happen, and she's been working on it from Birmingham-based The Paretta Co., the entity she created last fall for her personal business endeavors after FCA shuttered its SRT racing unit.

Grace Autosport will align itself with an established racing team initially so it can pay for facilities, technology and expertise rather than immediately building everything from the ground up, Paretta said.

She's in talks with teams, but declined to disclose names.

The effort, which also involved promoting technical education for girls, likely will require the operation to locate elsewhere, probably Indianapolis, Paretta said, because that's the heart of the IndyCar industry.

However, Grace Autosport would retain a presence in metro Detroit if the team were to align with a local manufacturer, which is Chevrolet when it comes to American open-wheel racing.

"We are now evaluating relationships with manufacturers," she said. "If it was Detroit-based, it would make sense to be closer to here."

"Realistically, I could raise money and buy a brand new car and rent shop space, but we want to do this the right way," she said. "Partnering allows affiliation and sharing knowledge."

Besides recruiting the best female motorsports talent, Paretta is in talks for the corporate and organizational sponsorships needed to offset the estimated $1 million needed to launch an IndyCar team for the Indianapolis 500.

If enough funding can be raised, the goal is to run in as many IndyCar Series races — possibly including the Detroit Belle Isle Grand Prix in May — or even a full season.

She's been in talks with companies as possible lead and supporting sponsors, with the goal of having them in place by fall, she said. Sponsorships generate funding needed for a full racing operation.

The Indianapolis Star in 2013 estimated that it cost about $1 million to run a car in that year's 500, with expenses ranging from fees to equipment, fire suits, engines, repairs, tires and salaries.

Paretta said that's an accurate estimate of what it could cost to participate in the Indy 500 next year. Running a full or partial race season will up the amount of money needed.

"We'd like to have a race or two under our belt, if not the four or five, before the 500," she said.

Paretta, 41, is an investor in Grace Autosport, and its public face, but the primary investor hasn't been disclosed.

Eight people will be full-time employees initially; and if the team ends up running the entire IndyCar season in 2016, it would need about 30 full-time staffers, she said.

Paretta announced the creation and goals for Grace Autosport on May 15 at the Indianapolis Motor Speedway, site of the annual 500 since 1911.

"We would love to have a woman's name on the Borg-Warner Trophy in the next 10 years," she said. The trophy has been presented to the winner of the Indianapolis 500 since 1936.