The LC92 was born out of crisis. At the end of 1991, the Larrousse team was declared bankrupt, and both Brian Hart and Lola — who had supplied the preceding year's car — terminated their contracts after being owed significant sums of money. To salvage the operation, team principal Gérard Larrousse struck a deal with Venturi, the French sports car manufacturer, who acquired a controlling stake and provided capital to fund a new season.
Larrousse hired Robin Herd of the Fomet company as technical director, with Michel Têtu handling the design and Tino Belli as aerodynamicist. The result was the LC92, which bore Venturi's name prominently. For power, Larrousse returned to a partnership with Lamborghini, using the firm's 3.5-litre 3512 V12 engine — a relationship the team had also had in 1989 and 1990. Bertrand Gachot, who had raced for the team the previous season, was retained, while Ukyo Katayama was brought in as his teammate.
In September 1992, Venturi sold their stake in the team to Rainer Walldorf's Comstock firm. The arrangement unravelled spectacularly when it was revealed that Walldorf was actually a fugitive named Klaus Walz. After a brief period on the run, Walz was killed by police following a nine-hour standoff at a hotel. The bizarre episode left Larrousse's future deeply uncertain heading into the off-season.
Both LC92s were ready for the season opener in South Africa. Gachot retired with suspension damage from a collision, while Katayama took the chequered flag in 12th. At the Mexican Grand Prix, both cars finished, with Gachot 11th and Katayama 12th. Brazil brought further suspension trouble for Gachot, while Katayama came home ninth. The Spanish round proved difficult: Katayama failed to qualify for the first time that year, and Gachot retired with engine failure. At Imola, both drivers spun out within eight laps of each other.
The team's high point of the season came at Monaco. Gachot finished sixth — a lap down on the leaders, but ahead of six other classified runners — to score Venturi Larrousse's sole championship point. Katayama had not even pre-qualified for that race. The subsequent three Grands Prix produced only disqualifications and retirements for both drivers.
A measure of form returned at Hockenheim, where Gachot came home 14th despite Katayama's early exit after a crash. A double retirement at the Hungarian Grand Prix was followed by both cars being classified at the Belgian Grand Prix, albeit as the last two finishers. Katayama was classified ninth in Italy despite completing only 50 laps, and 11th at Suzuka. The season ended with a double retirement in Adelaide.
That single point from Monaco placed Venturi Larrousse 11th in the Constructors' Championship. Gachot was classified 19th in the Drivers' standings.
The LC92 marked the end of Larrousse's reliance on external chassis suppliers, at least temporarily. After Venturi departed and the Walz affair collapsed, the team pressed on for 1993 with a new car — the Larrousse LH93 — that was largely derived from the LC92's monocoque and architecture, its wheelbase shortened and its sidepods enlarged. The LC92's solitary point at Monaco stood as an emblem of a car that was never fast enough but occasionally survived long enough to matter. The Lamborghini V12 partnership, revived in 1992, would continue through the 1993 season before the engine's Formula One chapter closed entirely.