Image Credit: Mathijs Diepraam (Public Domain)
The 1997 Formula 1 season can be remembered for many things, the only world championship for Jacques Villeneuve, Michael Schumacher’s disqualification, the first year of Bridgestone tyres, the debut of the younger Schumacher, Damon Hill’s ill-fated stint in the Arrows or the switch to ITV for TV coverage in the UK. However, none of these reasons are why we are here.
One stand-out feature of the 1997 Formula 1 season is the complete and utter disaster surrounding the MasterCard Lola team. For 1997, Lola had decided to plunge feet first into the competitive world of Formula 1 with their own team.
On the face of it, the project seemed to have all the necessary ingredients for success, the pedigree of Lola, some promising drivers from lower formulas and a credible and recognisable title sponsor but it was not to be.
The origins of what became the Lola T97/30, the car that was entered into the 1997 Formula 1 championship, can be traced back to 1995 and the prototype chassis T95/30. This was very much a test mule which never made it past the testing phase due to lack of funding. Notably, the T95/30, which was built during a massive upheaval of the Formula 1 technical regulations in the wake of the untimely deaths of Ayrton Senna and Roland Ratzenberger, featured no airbox and had an open air filter and was extensively test driven by the true gentleman of racing, Allan McNish.
The T95/30 did see the light of day one last time, just prior to the start of the 1997 Formula 1 season, a T95/30 chassis made a public appearance at the Birmingham Racing Car Show in full MasterCard livery as a promotional aid, this time complete with an airbox.
The chassis design of the T97/30 leant heavily on Lola’s chassis knowledge from CART, as well as what had been learnt from the T95/30. Despite their chassis building background and knowhow, Lola never tested the T97/30 in a wind tunnel before the car hit the track.
The T97/30 was to be powered by Lola’s own V10 engine developed by Al Melling, a highly respected automotive engineer, specialising in engines.
It was almost immediately apparent, due to incredibly tight timescales, that the in-house engine was not going to be ready for the start of the 1997 Formula 1 season. To fill the void until their own engines were ready, Lola struck a deal to use Ford Zetec V8s that were due to be used the by the recently folded Forti-Corse team. This was a blatant act of desperation because not only were the engines outdated, but they were also woefully underpowered compared to the competition.
The teams short-lived and only outing was at the Australian Grand Prix in Melbourne. The drivers, Vincenzo Sospiri and Ricardo Rosset struggled in practice; they were nearly 13 seconds off the pace. The unpowered engine combined without persistent gearbox issues inevitably led to both cars failing to qualifying because they were way off the 107% lap time rule.
Following the disaster in Australia, Lola tested at Silverstone to try and iron out some of the issues, they were alongside a selection of other Formula 1 teams, reports suggested that the lap times of the T97/30 were over 10 seconds off the pace.
The cars and some of the team actually made it to the second round of the championship at Interlagos in Brazil, however, Lola withdrew from the event, and ultimately Formula 1 on the Wednesday prior to the race weekend.
It seems odd that the funds ran out so quickly, after all Lola had the financial backing of a huge title sponsor, MasterCard. However, dig a little deeper and it becomes clear that the MasterCard deal was far from conventional.
MasterCard had no intention of paying the sponsorship fee out of their own pocket, instead they opted for an exclusive club for card holders. This club would feature tiered membership that would grant the members rewards based on their payment tier. For example, rewards would include regular newsletters, team wear, VIP access, etc. It was an innovative idea but unfortunately never yielded the expected returns.
With Lola’s late withdrawal in Brazil, MasterCard were almost left red-faced because they had VIPs due to visit the circuit and enjoy the glitz and glamour of Formula 1. Cue Mr. Eddie Jordan, being an astute businessman, as well as team owner. Eddie struck a deal with MasterCard there and then to ensure their VIPs were catered for, and not only that, MasterCard remained a Jordan sponsor for several years thereafter.
This botched attempt at a Formula 1 entry for Lola meant that the company went into receivership. The company was bought and rescued by Irish entrepreneur, Martin Birrane who helped revive the company and secure its future for years to come.
The MasterCard Lola Formula 1 team was quite possibly the last time a small outfit has made to a Formula 1 race meeting. Following Lola’s brief Formula 1 entry, the FIA ultimately set a $48 million deposit fee to secure a Formula 1 team entry to ensure this scenario can never happen again.