[2] This was due to MasterCard's ardour to launch its "F1 Club" for card holders to provide funding to Lola.

[4][5] The Lola chassis, dubbed the T97/30, was based on most of their CART technology yet never saw the inside of a wind tunnel and barely had on-track tests.

At the car launch Broadley stated the team aimed to win the World Championship within a four year period.

The cars were tested at Silverstone shortly after the Australian Grand Prix but both were again slowest with times in excess of 9 seconds off the front runners.

[8] On 26 March 1997, the Wednesday before the Brazilian Grand Prix, Lola announced it was withdrawing from the Brazil race due to "financial and technical problems".

[9] In its short existence as a Formula One constructor, Lola had incurred £6 million in debt; the company went into receivership several weeks later.

On 22 April 2009, Lola announced its intention to launch a full scale works effort for the 2010 FIA Formula One World Championship.

[11] The team said that they had to re-examine their position after the plans to introduce a budget cap of £30million were raised to £40m but insisted it was "an opportunity not to be missed".

[12] However, on 17 June, Lola announced it had abandoned the plan after failing to secure a place on the initial 2010 entry list.

I had the opportunity to stay with Benetton for 1997 as a test driver but I wanted a race seat, and I had this offer from [Lola backer] MasterCard to sign for four seasons.

Also in January 2021 Mastercard Lola was ranked third by Motorsport Week in their list of 'Formula 1's top 10 worst teams', behind only Life Racing Engines and Andrea Moda respectively.