A tale of motorsport, money, and a millionaire's downfall.
The history of the 24 Hours of Le Mans is one of money, glamour, and scandal. In 1979, Porsche's factory team faced a crushing defeat, while its main sponsor, Essex, was later exposed as a financial mirage. Motorsport has always been a game of big money—but in this case, the source of that money turned out to be dangerously deceptive.
A Year of Global Upheaval
1979 was a turning point—not just in motorsport, but across the world. The Islamic Revolution in Iran reshaped the Middle East, and Margaret Thatcher's election as Britain’s first female Prime Minister ushered in an era of privatization that transformed the UK’s economy. In the U.S., only government intervention saved Chrysler from collapse, leading to the sale of its European subsidiaries to Peugeot. Meanwhile, the big screen saw the release of two cinematic icons: Apocalypse Now and Alien.
Porsche’s factory team, officially competing under the name “Essex Motorsport Porsche,” saw both of its 936 prototypes retire early. Brian Redman suffered a tire failure early in the race, forcing him to complete nearly an entire lap on a damaged car. (Photo: AutoNatives.de Archive)
Behind the Iron Curtain, change was brewing. The Soviet invasion of Afghanistan in December intensified the Cold War and contributed to the USSR’s eventual isolation. Economic stagnation in socialist states became more apparent, and in Poland, worker strikes—led by what would later become the Solidarność movement—began to crack the foundations of communist rule.
A Dramatic 24 Hours in Le Mans & Porsche’s Questionable Sponsor
By the time the 1979 Le Mans 24 Hours rolled around, the race was set to be a historic one. With Renault’s withdrawal, Porsche was the clear favorite. The factory team entered two updated Porsche 936s in Group 6—but both cars failed spectacularly. One was disqualified when driver Jacky Ickx received an illegal spare belt from the trackside. The second 936 retired soon after due to a tire failure.
In hindsight, Porsche’s failure may have been a blessing in disguise. Their main sponsor, Essex Overseas Petroleum Corporation, was not as legitimate as it appeared. The company, led by flamboyant businessman David Thieme, claimed to be a highly profitable oil trading firm. But even at the time, its official address—inside Monaco’s Hôtel de Paris, directly across from the Monte Carlo Casino—should have raised suspicions.
Essex had expanded its sponsorship to Formula 1, becoming the primary backer of Team Lotus. The deal started in 1979, around the same time as its Porsche sponsorship. Once Essex collapsed, Lotus faced a major financial crisis—another example of motorsport’s long history of turning a blind eye to the origins of its funding. (Photo: AutoNatives.de Archive)
Essex allegedly made immense profits trading oil, but Thieme operated in legal grey areas, even dealing with countries outside the mainstream global economy. Despite this, Credit Suisse granted him substantial loans to facilitate these transactions—loans that would later prove disastrous.
The Collapse of Essex
By April 1981, the house of cards came crashing down. Thieme was arrested at the airport, accused of falsifying his company’s financial records to keep up appearances. Swiss authorities detained him, and Essex Overseas Petroleum ceased operations. The company’s assets—including a helicopter, a private jet, and the lavish Lotus F1 team motorhome—were liquidated to repay creditors.
The Bigger Question: Why Advertise to No One?
Sponsorships in motorsport usually serve to boost global brand recognition. But Essex, with no real consumer-facing business, had little reason for such high-profile spending. The 1979 Le Mans race saw a privately entered Porsche 935 K3 from Kremer Racing take the victory. Klaus Ludwig shared the cockpit with two American drivers—Bill and Don Whittington—who would later be convicted for drug smuggling and tax evasion.
The Podium That Defined an Era: David Thieme is 4th on the right. (Photo: AutoNatives.de Archive)
A single photo sums up the time: Klaus Ludwig, the Whittington brothers, and Essex’s David Thieme standing on the winner’s podium. 1979 was, in every sense, a different era.
Le Mans 1979 results ...
- Klaus Ludwig, Don Whittington, Bill Whittington – Porsche 935-K3 (Group 5) – Kremer Racing
- Dick Barbour, Rolf Stommelen Paul Newman – Porsche 935/77A (IMSA-GTX) – Dick Barbour Racing
- Laurent Ferrier, François Servanin, François Trisconi – Porsche 935/77A (Group 5) – Kremer Racing
- Herbert Müller, Angelo Pallavicini, Marco Vanoli – Porsche 934 (Group 4) – Lubrifilm Racing Team Switzerland
- Jean Ragnotti, Bernard Darniche – Rondeau M379 Cosworth (Group 6) – J. Rondeau
Pictures Archiv AutoNatives.de