Lola to Enter Formula 1 in 2010

The cost cap recently introduced in Formula 1 has several teams outraged, but also several new teams looking to join the field in 2010. Lola is one of the teams planning to enter (re-enter in Lola’s case) the Formula 1 racing world.

Originally, the cost cap was set at £30 million ($46.4 million), including engines. This figure piqued Lola’s interest in re-entering the field. The cost cap was later raised to £40 million ($61.9 million), which led Lola to re-evaluate its decision. It announced on May 14 that it will submit an entry for the 2010 Formula 1 World Championship.

Lola will enter the Formula 1 field under the cost cap regulations, which differ slightly from the regulations of the teams that choose not to apply for the cost cap. Lola is hoping the slightly different regulations will allow the independent race car manufacturer to enter the field and compete favorably against long-established entrants.

“The Lola Group believes that the WMSC decisions relating to cost-capping and the provision of revised technical regulations to facilitate the entry of new teams into Formula One should be embraced,” reads a Lola press release. “It is imperative that performance breaks be afforded to new cost-capped entrants who will have a limited period in which to form teams, design, and manufacture their cars.”

Lola has a long-history of building successful race cars, including the Audi R8 that won five 24 Hours of Le Mans events. Lola’s most recent car was built in cooperation with Aston Martin as the company looks to celebrate the 50th anniversary of its outright win at the famous Circuit de la Sarthe. The Aston Martin-Lola LMP1 car is currently fairing well against its diesel-powered rivals from Peugeot.

Look for the Lola factory Formula 1 team on the starting grid at the start of the 2010 Formula 1 season opener.