Filed under: Motorsports, Earnings/Financials, UK, MISC
Lola may not be a name recognized by the average consumer, but racing fans will know it well. The British concern has built and continues to build race cars that have spanned an enormous variety of series and disciplines since its founding in 1958, including (but not limited to)
Formula One,
Le Mans, CART and just about every formula feeder series you could think of, including Formula Two, Formula 3, Formula 3000, Formula 5000 and
A1GP. Now, unfortunately, the company is filing for bankruptcy protection.
The reasons are pretty simple: too many expenses and not enough revenue, although tax credits it was due from the British government are also said to be partially to blame. As a result, the outfit responsible for - among numerous other accolades - five
LMP2 titles at Le Mans since 2000 alone is entering financial administration as it seeks new investors.
Along with it, Lola Cars is taking Lola Composites, however the effect this might have on its concerns in defense and aerospace (among other areas) remains to be seen. As is the future of the
SP/300.R track car which Lola builds for
Caterham, or the countless racing teams that continue to count on Lola to build and support their sports prototypes. But with so many racing programs at stake, we can hardly imagine the company's considerable capabilities and expertise will go unclaimed for long.
Scroll down for the official announcement.
Continue reading Lola files for bankruptcy
Lola files for bankruptcy originally appeared on Autoblog on Wed, 16 May 2012 18:02:00 EST. Please see our terms for use of feeds.
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