The race was also advertised as the Grand Prix of the Olympic Games. The race was moved up from its former September date, and held just months before the 1992 Summer Olympics in Barcelona.
British driver Perry McCarthy was allowed to compete for the first time and his Andrea Moda car was entered for the pre-qualifying session before the race, but the engine blew up and the car rolled to a halt 18 metres later having barely left the garage. Damon Hill, son of former world champion Graham Hill, made his debut with the Brabham team, but did not qualify for the race. As in the three previous races, Mansell qualified in pole position, ahead of Michael Schumacher, Ayrton Senna, Riccardo Patrese, Ivan Capelli and Martin Brundle.
At the start of the race, in torrential wet conditions, Patrese got by Schumacher and Senna. Ferrari driver Jean Alesi made a good start from 8th on the grid to 3rd into the first corner on the first lap, forcing other drivers to take defensive actions and drop back. Senna dropped from 3rd all the way to 7th. But, he recovered 2 positions to 5th during the first lap. The order was: Mansell, Patrese, Alesi, Schumacher, Senna and Capelli.
Schumacher attacked and passed Alesi on lap 7. Senna tried to do the same but tipped Alesi into a spin, putting the Frenchman behind Berger and Capelli as well. By, now the rain intensified, and Patrese spun off on lap 20 while trying to lap a backmarker. This put Mansell ahead of Schumacher, Senna, Berger, Capelli and Alesi.
During the pit-stops, Alesi got past Capelli and began to charge up through the field. He cruised past Berger for fourth and began to attack Senna for third. He wanted to attack Schumacher as well and was in a hurry. The pressure was so much that Senna spun off with two laps to go, although he was still classified 9th. At the same time, Capelli spun off as well.
Mansell continued his perfect record in 1992 with his fourth win of the season from Schumacher, Alesi, Berger, Alboreto and Pierluigi Martini, but for the first time in the season his Williams team did not score a 1-2 finish. Martin Brundle scored his 4th consecutive retirement of the season in his Benetton.
Standings after the race