With James Hunt's Hesketh having won the non-championship International Trophy three weeks previously, the 1974 season was turning out to be one of the most open ever, with five drivers from four teams having won the first five races (also including the non-championship Race of Champions), and a driver who had not won at all - Clay Regazzoni - leading the Drivers' Championship.
The Spanish Grand Prix marked the debuts of the Trojan and Amon teams, as well as Liechtensteiner driver Rikky von Opel. Jorge de Bagration, a local driver of Georgian royal descent, was to have taken part in the race, driving a Surtees TS16 with sponsorship from department store El Corte Inglés, but missed out due to a very unusual set of circumstances: the outgoing president of the Spanish Motor Sport Federation cleared his office, taking with him all paper files including the official entry list for the race; a replacement list was hurriedly drawn up that omitted de Bagration, whose sponsorship had just fallen through. Despite this, de Bagration should still have been included on the replacement list, regardless whether or not he would have been able to race.[4]
Niki Lauda took pole from Ronnie Peterson in a qualifying session disrupted by a large accident to Patrick Depailler, but it was Peterson who led from the start as rain began to fall. Jacky Ickx moved into the podium places, taking 3rd place on lap 19.
As the track dried, cars dived into the pits for replacement tyres. Ferrari got Lauda in and out for a total pit stop time of 35 seconds, enabling him to take the lead. The race ended at the two-hour mark, six laps short of the scheduled 90,[5] with Lauda leading Regazzoni home in a Ferrari 1-2 and no other driver on the lead lap. Arturo Merzario lost out on a solid points finish when the hit the wall in 4th. Emerson Fittipaldi held off a strong challenge from Hans-Joachim Stuck, whilst Jody Scheckter claimed his first points.
This was the Formula One World Championship debut for British constructor Trojan and New Zealand constructor Amon. Amon also was the first constructor from New Zealand.
This was the 50th Grand Prix win for a Ferrari and a Ferrari-powered car.
For the first time since the 1972 German Grand Prix, a Grand Prix was not won by a Ford-powered car. It ended a record streak of 22 consecutive Grand Prix wins for the British-American engine supplier.
