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Le Mans / ALMS
INDUSTRY: Lola Enters Administration
Future of famed UK constructor unclear as company goes into financial administration...
Lola Cars International announced Wednesday that it has entered financial administration. (Photo: John Dagys)
Following nearly months of rumors and speculation of the company's financial woes, Lola announced Wednesday that it has entered financial administration.
Citing the British government's decision not to pay ongoing R&D tax credits, the Huntingdon, England-based constructor has run into a "serious cashflow problem," according to a statement released.
Both Lola Cars International Limited and Lola Composites Limited, the firm's division that serves the defense and aerospace markets, have been affected.
"It is with enormous regret that a decision has been taken to issue Notices of intention to appoint an Administrator to Lola Cars International Limited and Lola Composites Limited," the statement from Lola read.
"This step allows the board to continue its discussions with possible investors and prospective purchasers with a view to securing the best outcome for the staff, creditors and customers of both businesses."
SPEED.com has learned that Lola's recently appointed Managing Director, Jean Marchoni, has recently left the company, as well as its U.S. manager, Stephen Charsley, who has moved on to work for Multimatic.
Founded in 1958, Lola has been regarded as one of the leading race car manufacturers, with previous ventures in F1, IndyCar and most major open-wheel championships. It recently had focused efforts exclusively in sports car racing, with LMP1 and LMP2-spec cars in the various Le Mans-branded championships worldwide.
Six Lola prototypes are entered for next month's 24 Hours of Le Mans, while additional entries are seen stateside in the American Le Mans Series from Dyson Racing, Dempsey Racing and Black Swan Racing.
It's unclear what short and long-term affect today's announcement will have on its current customer programs. A number of teams have already expressed concern of lack of spare parts, particularly with the manufacturers' new 2012-spec machinery.
The Lola board have declined to make further comment on the situation until Monday.
SPEED.com will have continuing developments of this story as it unfolds.
John Dagys is SPEED.com’s Sportscar Racing Reporter, focusing on all major domestic and international championships. You can follow him on Twitter @johndagys or email him at
Citing the British government's decision not to pay ongoing R&D tax credits, the Huntingdon, England-based constructor has run into a "serious cashflow problem," according to a statement released.
Both Lola Cars International Limited and Lola Composites Limited, the firm's division that serves the defense and aerospace markets, have been affected.
"It is with enormous regret that a decision has been taken to issue Notices of intention to appoint an Administrator to Lola Cars International Limited and Lola Composites Limited," the statement from Lola read.
"This step allows the board to continue its discussions with possible investors and prospective purchasers with a view to securing the best outcome for the staff, creditors and customers of both businesses."
SPEED.com has learned that Lola's recently appointed Managing Director, Jean Marchoni, has recently left the company, as well as its U.S. manager, Stephen Charsley, who has moved on to work for Multimatic.
Founded in 1958, Lola has been regarded as one of the leading race car manufacturers, with previous ventures in F1, IndyCar and most major open-wheel championships. It recently had focused efforts exclusively in sports car racing, with LMP1 and LMP2-spec cars in the various Le Mans-branded championships worldwide.
Six Lola prototypes are entered for next month's 24 Hours of Le Mans, while additional entries are seen stateside in the American Le Mans Series from Dyson Racing, Dempsey Racing and Black Swan Racing.
It's unclear what short and long-term affect today's announcement will have on its current customer programs. A number of teams have already expressed concern of lack of spare parts, particularly with the manufacturers' new 2012-spec machinery.
The Lola board have declined to make further comment on the situation until Monday.
SPEED.com will have continuing developments of this story as it unfolds.
John Dagys is SPEED.com’s Sportscar Racing Reporter, focusing on all major domestic and international championships. You can follow him on Twitter @johndagys or email him at
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