Tufty wrote:
Chriso wrote:
Like Lola in 1997 spent all the money producing the car getting to aus and then bining the whole plan. I don't know wat entirely happened there but that's my point, looks to lower class imo
They binned nothing. MasterCard screwed them over by backing out after the cars failed to qualify in Australia.
Not really. Eric Broadley underestimated quite a lot of aspects of putting together a successful F1 team in the late 20th century. He had persuaded Mastercard that F1 participation would lead more people to apply for their credit cards. Unfortunately (for Lola), the sponsorship deal was structured so that, apart from a relatively modest amount of cash upfront, payments to Lola were based on the number of new Mastercard accounts signed up each month. Unfortunately, involvement with Lola proved less effective as a promotional tool than either party had hoped and the flow of cash was meagre.
It also didn't help that Mastercard insisted that Lola take part in the 1997 season - a year earlier than Eric Broadley had originally planned. Unsurprisingly, the V10 engines Broadley had commissioned Al Melling to design and build weren't ready for the start of the season so the Lola T97/30s turned up for the Australian Grand Prix with underpowered Ford Zetec-R V8s as well as a hopeless chassis. The cars were woefully slow (13 and 16 seconds slower than Jacques Villeneuve's pole time) and failed to qualify. That was that. The drivers turned up for the next race (Brazil) only to learn that the team had folded.
The lack of money from Mastercard meant that Lola could not pay Melling. He took legal action, which resulted in Lola Cars going into receivership, until it was rescued by Martin Birrane. A sorry story.