Draco was founded in 1989 by Adriano and Nadia Morini, and entered the Formula Opel Lotus Euroseries.
The team continued to be one of the most competitive in the series for the following years, winning the F. Opel championship in 1990 with Rubens Barrichello, 1991 with Pedro Lamy, 1993 with Patrick Crinelli and 1994 with Marco Campos (in 1992, Gualter Salles was second).
Morini took a gamble on the Brazilian driver's talent, but he ultimately lost it when 18-year-old Campos died in the race at Magny-Cours.
This proved to be the wisest move, as Felipe Massa completely dominated the series in 2001, taking the championship title, a performance repeated in 2003 with Augusto Farfus and 2004 with Nicky Pastorelli.
Following funding issues midway through the 2015 Formula Renault 3.5 Series season, the team closed down at the end of the year.