Lola had not competed in Formula One since the uncompetitive T93/30 chassis fielded by BMS Scuderia Italia in 1993. The T97/30 was originally conceived as a 1998 entry, giving the Huntingdon-based manufacturer time to develop and test the car properly. However, title sponsor MasterCard pushed for an earlier debut, compressing the build and testing programme to just weeks before the 1997 Australian Grand Prix. The car was formally launched at the Hilton Hotel in London on 20 February 1997.
Team founder Eric Broadley named Stewart Grand Prix — also entering Formula One for the first time in 1997 — as a benchmark opponent, as well as Arrows, which had signed reigning World Champion Damon Hill. Both Lola and Stewart were using Bridgestone tyres, but the comparison would prove painful.
The T97/30 was driven by Vincenzo Sospiri, the 1995 Formula 3000 champion and former Benetton test driver, and Ricardo Rosset, who joined from Footwork. Both were capable racing drivers handed an underdeveloped machine.
At Melbourne the T97/30's fundamental weaknesses were immediately apparent. The aerodynamic package produced too much drag and insufficient downforce, preventing the tyres from reaching working temperature. Neither driver came close to qualifying. Sospiri was 11.6 seconds off the qualifying pace; Rosset was 12.7 seconds adrift. Both Stewart cars qualified comfortably at the same event. A subsequent test at Silverstone showed both cars more than nine seconds slower than the front-running pace.
The cars were transported to Brazil for the second round at Interlagos, but MasterCard withdrew its financial support at the last minute and the T97/30s remained in the garage. Remaining sponsors followed MasterCard's lead and Lola withdrew from the 1997 championship entirely, citing financial and technical difficulties. The team was unclassified in the Constructors' Championship with no race starts, finishes, or points.
Four T97/30 chassis were built. As of 2007, chassis T97/30-1 and T97/30-2, raced by Sospiri and Rosset respectively, were at a Canadian racing school. T97/30-3, the spare car, was owned by Martin Birrane and displayed at the Mondello Park circuit museum. T97/30-4, which was left unfinished, remained at the Lola factory in Huntingdon.
The MasterCard Lola episode stands as a stark illustration of the consequences of entering Formula One without adequate preparation time or testing mileage. The gap between Lola's qualifying times and the field in Australia — more than eleven seconds — remains one of the largest ever recorded. The T97/30's failure effectively ended Lola's ambitions as a Formula One constructor for good.