Between 1968 and 1982, Formula 5000 was an open-wheel, single-seater race series; intended as an easily accessible option for small race teams, with the maximum engine capacity of 5 litres referenced in the Formula 5000 name, although many teams ran cars with smaller engines. Vehicles were produced for the series by Lotus, Elfin, Matich, McLaren and Chevron amongst many others. The Lola T332 was a highly competitive option, this particular example was campaigned by Theodore Racing, based in Hong Kong. It was raced by Brian Redman, Vern Schuppan and Alan Jones amongst other drivers. It scored victories under Redman in the UK, in Australia under Schuppan, and under Jones in Canada. During a practice session at ‘Watkins Glen’, a racing circuit in New York, the car suffered from an accident, which completely destroyed the car. Today, chassis number ‘HU37’ has been completely rebuilt, wearing the same livery as it once did nearly 50 years ago. It is now powered by a 5.0 litre small-block Chevrolet V8, fitted with McKay fuel injection. It produces 550bhp, which propels the super lightweight 740kg race car to 100 miles per hour (160km/h) in just 6.5 seconds. It is geared to reach a top speed of just under 180mph. Formula 5000 was a particularly popular race class across the world, with a strong following in Oceania, Africa, the British Isles and North America. Formula 5000 began to lose popularity as updated categories such as Formula Atlantic gained momentum. Internationally, most Formula 5000 series were dropped between 1976 and 1978, but in Australia the series continued with a large following until 1982. Today, Formula 5000 cars are a common sight at historic racing events internationally.
