Lola was the second new team for the 1997 season, the other being Stewart Grand Prix. Because of MasterCard's eagerness to get the team running a year earlier than planned, the team hastily built the T97/30 just weeks before the season began. Whilst Stewart (who had announced their entry even before the end of the 1996 season) had completed weeks of testing, Lola had barely done any by the season opener.
At Melbourne, the first brief tests showed that both cars were slow in a straight line and also in the corners; the aerodynamics producing too much drag and not enough downforce. This also meant the cars could not get the tyres up to the right temperature. Both drivers never even got near a good enough time to qualify, as they struggled in the difficult-handling cars. In the end neither Sospiri or Rosset managed to qualify, 11 and 13 seconds respectively off the pace.
The cars were transported to Brazil for the race at Interlagos, but MasterCard withdrew their support (with all other sponsors later following MasterCard's suit at the last minute) and they remained in the garage for the rest of the weekend, subsequently withdrawing from the championship.
The team were unclassified in the Constructors' Championship, with no race finishes, nor points.