In 1977, de Villota developed a more ambitious project that would make him the third Spaniard to participate in Formula 1 after Alfonso de Portago and Alex Soler-Roig. Under the sponsorship of Iberia, de Villota led a modest outfit that raced under the name of Iberia Airlines F1 and contested seven Grands Prix of the European season. For the project Iberia acquired a McLaren M23, Ford-Cosworth DFV engines, the cars painted in the colours of the airline. De Villota would qualify for just two of these Grands Prix, the first was his home event, Gran Premio de España, where he would finish 13th, albeit 5 laps adrift of the winner. The other race he started was the Grand Prix von Österreich, where an accident on the last lap deprived him of the finish, nevertheless classified in 17th position.