British-based motorsports outfit; Lola has announced its intention to take part in the 2010 Formula 1 World Championship, along with U.S-based USGPE. The company revealed that it is in discussions with a number of parties and has initiated a “full technical, operational and financial evaluation” to build an F1 racer.
The company which was established in 1958 has attempted for a team entry into the sport back in 1997, but that only lasted for one race. Prior to that, Lola has also developed F1 cars in the 60’s, through the 90’s and is also highly involved in developing contenders for Le Mans. The company also mentioned that the Formula 1 team entry project is being managed by Lola Cars which is receiving support from Lola Composites (part of the Lola Group). Currently there are ten Formula 1 teams in the 2009 season, and thus far no current team is expected to pull out from the sport. If both USGPE and Lola become part of Formula 1, the number of teams would return to twelve.