British race car makers Lola have announced they will be lodging an entry for the 2010 FIA Formula One World Championship after completing their evaluation of the technical regulations for cost-capped teams announced by the FIA last month.
Lola, who last participated in Formula One racing in the late 1990s, admitted they re-examined their position after the original cap of £30 million was raised to £40 million, but concluded that the new regulations still present an opportunity not to be missed.
“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,” said a group statement. “This is not only prudent considering the backdrop of global economics but also taking into account the need for new teams to be able to compete credibly against long established entrants.” Formula 1
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The FIA’s decision to impose the optional cap has met with stringent opposition from several of the sport’s major teams, including Ferrari and Renault, with their objections to be heard by the governing body in a crunch meeting with FOTA.
And while the quit threats issued by four team owners raises the possibility that the regulations could be changed to stave off a mass exodus of teams, Lola has called on all parties to embrace the proposals.
The statement added that it thought the cost cap, and technical freedoms running under it gives, should stand as it was necessary to give start-up operations a helping hand.
“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 said.
“With these breaks Lola looks forward to competing with the existing teams who enjoy decades of experience.” ITV
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