The late Tom Wheatcroft introduced Formula Classic as a pan-European series in 1995. A fleet of identical front engined 1950s-style racers with skinny wheels (numbers vary from 15 to as many as 26), competed for a large cash prize (£100K, according to some sources).
One of the problems was it was very expensive to take part. After poor entries to the first round, the grid was filled by giving cheap or free entries to some quite quick drivers.
They also had the wrong engines. Originally Vauxhall Carlton 6 cylinder units were quoted which would have allowed a suitable soundtrack even when silenced but they emerged with a 4 cylinder Ford engine that didn't sound right at all.
The engines were originally built by Holbay, who were already in financial troubles at the time they took on the contract, and eventually went bust after the death of founder John Read in a flying accident- by this time, Wheatcroft had written off the entire Formula Classic project (at a cost of £1.6m apparently), although some development work did apparently continue on the car for some time after the series was canned.
The modern tyres they used didn't promote the 4-wheel-drifts suggested by the PR blurb either.
After 2 meetings, the series collapsed. They only raced at Donington Park and each meeting had two races, although there had been plans for the series to race at the Osterreichring, Brno, Zandvoort, Zolder, Nogaro and Paul Ricard.
The only really notable competitors were ex-F1 drivers Martin Donnelly and Perry McCarthy and former British Superbike and Truck Racing Champion Steve Parrish.