This model is sometimes referred to as 'Victory Corsa' as it is kind-of-labelled as such in Campagnolo's catalogue n. 18 bis. It is the first iteration of the Victory design. It's a tidy looking object, created to replace the legendary Campagnolo Nuovo Record with a derailleur with a more 1980s style. But somehow it did not quite have the quality of finish required to succeed in that role.
Perhaps the expectation was impossibly high - for some years the Nuovo Record had not really justified its stellar reputation - but even that doesn't excuse some of the Victory's more cynical weaknesses. The inside parallelogram plate was dimpled and not properly polished - as were the inside surfaces of the pulley cage. And then there was the over-complex system for adjusting the swing at the b-pivot. SunTour had been showing how this should be done since the 1960s - but Campagnolo had to reinvent the wheel with something just slightly worse.
But most of all Campagnolo made no attempt to move on from the fundamental geometry of Nuovo Record. In 1985 Shimano had launched the Shimano Dura-Ace 7400, a beautifully finished, fully indexed, slant-parallelogram, derailleur, with two sprung pivots - rendering the Victory obsolete at birth.
Some key features of this first style of Victory are: