Following years of success building prototypes for Chevrolet and Nissan, Lola entered the 1991 season without a major manufacturer partnership for their sports car program. Lola was therefore left to develop a car with the intent of allowing customers to buy a complete package. Chief Designer Wiet Huidekoper focused on aerodynamic efficiency, achieving high downforce and a high lift-to-drag ratio through extensive windtunnel testing. The design featured a smaller windscreen and cockpit than previous Lola Group C cars, along with large air intakes on the nose for engine and brake cooling. A roof-mounted inlet was added to accommodate normally aspirated engines. The car also incorporated sculpted sidepods, a tall rear wing, and an exhaust-blown diffuser.
Lola partnered with Judd to supply a 3.5-litre V10 engine, the GV10, to meet the new Group C regulations. The engine’s compact design allowed for tighter bodywork. A model of the T92/10 was first publicly unveiled at the 1991 430km of Nürburgring.
Charles Zwolsman’s Euro Racing squad purchased the first two T92/10 chassis for the 1992 World Sportscar Championship. Facing competition from factory Peugeot, Toyota, and Mazda teams, Euro Racing represented one of the few privateer entries.
The 1992 season proved challenging. At the opening round at Monza, both cars suffered gearbox failures, with one failing to start (Nr 4, Johansson-Pareja). Silverstone saw another gearbox failure (Nr 3, Euser-Zwolsman), while the other car (Nr 4, Johansson-Pareja) finished third, but was later disqualified for using an illegal fuel compound. At the 24 Hours of Le Mans, one car (Nr 3, Zwolsman-Euser-Pareja) experienced transmission failure, and the other (Nr 4, Frentzen-Kasuya-Zwolsman) finished, 80 laps behind the winner.
The second half of the season continued this trend. A fire in the cockpit took out one car at Donington Park (Nr 3, Euser-Pareja), while the other (Nr 4, Frentzen-Andrews) finished fourth. At Suzuka Circuit, a Judd engine failed (Nr 4, Euser-Tennyson-Frentzen), though the Nr 3 car (Pareja-Matsuda) finished fifth. At Magny-Cours, both cars failed technical scrutineering and were excluded. Euro Racing finished fifth in the teams championship before going bankrupt at the beginning of 1993, and the T92/10s were sold into private collections. Chassis #HU-02 later competed extensively in Historic Sportscar Racing.
In 1995, McNeil Engineering purchased a third T92/10 chassis, HU03, for the Interserie championship. Driven by Robbie Stirling and retaining the original Judd V10 engine, the car achieved its first overall win at Brands Hatch in 1996, followed by another at Circuito de Albacete, earning McNeil Engineering third in the championship. The car secured one more victory at the Hungaroring in 1997.
To comply with the new Sports Racer (SR) rules, similar to Le Mans Prototype (LMP) regulations, McNeil Engineering modified the car for the 1998 season, removing the doors and roof, adding a rollbar, and altering the air intake. This modified car was renamed the Lola 981, though this was not an official Lola designation. The 981 suffered technical problems and finished only two races, scoring six points. The car competed alongside Lola’s new B98/10 prototype (https://en.wikipedia.org/wiki/Lola_B98%2F10).
After a disappointing 1998, the 981 was returned to its original T92/10 configuration with the Judd GV10 engine and re-entered the Interserie championship in 2000. It achieved another victory at the A1-Ring in 2001 before being retired in 2002. McNeil Engineering retained the car until the company dissolved on 30 March 2010.