After retiring from racing, Emilio de Villota formed his own team in 1997, under the name E.V. Racing. The team began by competing in the 2001 Spanish Formula Three Championship, with Daniel Martín, Álvaro Parente, Miguel Ramos and Paul Robinson as drivers. Robinson brought two podiums to the team at Jarama and Estoril. The next year was the most successful in the team's history. Marcel Costa grab the championship title with two wins at Jerez. For the next year the de Villota's son Emilio de Villota Jr. joined team as well as Andy Soucek, who was the only driver to collect podiums for the team in the season. In 2004 the team continued with Andy Soucek, but de Villota Sr. sells its stake in EV Racing and creates Master Junior Formula series. In 2007 his team returns to Spanish Formula Three Championship with Bruno Méndez, who had podiums at Estoril and Jerez. In the final year in the championship under Spanish Formula Three branding, the team had Will Bratt as the only full-time driver. He had five podiums to finish the season on the seventh in the series standings. In 2009 the main driver of the team was Sergio Canamasas, who had three podiums and ended season as sixth. For 2010 the team had signed Fernando Monje and Juan Carlos Sistos, who brought three podiums to the team. Also during the 2010 the team participated in Superleague Formula with cars representing Sevilla FC, AS Roma and Sporting CP. The team continued their collaboration with Sistos in 2011, when he scored four podiums at Algarve, Monza, Jerez and Barcelona. Sistos remained with the team for the third consecutive season and achieved the first win since their return in 2007. But the most successful driver of the team in the season was Måns Grenhagen, who fight for the title with RP Motorsport's drivers Niccolò Schirò and Gianmarco Raimondo. In 2013 the team had four drivers in the main championship and two drivers in the Cup class. Hector Hurst won the race at Nürburgring and finished seventh in the standings ahead of his teammate Yarin Stern. In 2014 the championship was rebranded as Euroformula Open and the team signed Yu Kanamaru and Che One Lim as their full-time drivers. Kanamaru had four podiums. He stayed in the team for 2015, but this time his teammate was Jose ManuelVilalta. Kanamaru improved to seven podiums and won race at Silverstone. Also in 2015, was recreated Teo Martín Motorsport, which joined International GT Open championship with McLaren 650S and Álvaro Parente and Miguel Ramos as their drivers. The team won both Championship and Pro-Am standings from their first attempt. For 2016, Teo Martín purchased DAMS' World Series Formula V8 3.5 entry and cars. Also he joined forces with Emilio de Villota Jr. and merged teams. Also in 2016 they switched to BMW M6 GT3 cars in the International GT Open, scoring four wins with the both cars, to clinch their first teams' title.
