There is an article on Lola Group website that among other things says this:
Lola Group has commenced a major project comprising a full technical, operational and financial evaluation aimed at developing a car to compete in the FIA Formula One World Championship™. This follows the decisions announced by the FIA World Motor Sport Council on March 17th 2009 regarding the introduction of a ‘cost capping’ option to Formula One™ in 2010.
Lola, which has a rich heritage in international motor sport since its inception in 1958, has commenced work on the project and, subject to the publication of both the technical and cost capping regulations for 2010, is in discussions with a number of parties with a view to creating a Lola-designed, manufactured and developed car for the FIA Formula One World Championship™.
Lola used to build F1 chassis several F1 teams (for example Larousse between 1987 – 1991) and also designed the race winning Honda RA300 (1967 F1 season). Their only attempt to enter F1 as a team was the failed MasterCard Lola project in 1997. The uncompetitive car appeared only at 2 races. Failed to qualify for the first one and did not even run in the second. That was the end of the MasterCard Lola project.
MasterCard Lola - 1997
According to Lola Group website the company is assessing a relevant programme for F1 with a view to making formal entry in the coming weeks.
USF1 team (now USGPE) announced their plans to enter Formula 1 in 2010 earlier this year – see video here.
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Does Lola have the financial ability to enter a car, or do they need to find some backers?
This brings an interesting question, what is the limit to cars on the grid? Assuming the ten current teams stay, and USF1 comes on board, Lola will make 12 teams. Is the limit 22 or 24?
24 cars. but Mosley and Ecclestone want to see even more even if that would have to bring the pre-qualifying back
and this was on the Autosport:
[...] a day after the news from Lola we have another team considering F1 entry next year – Prodrive. Dave Richards: “The initial [...]