Unveiled at the end of 1993, at the behest of amateur racer Giampiero Moretti (owner of the MOMO auto parts business),[2] the 333 SP marked Ferrari's official return to sports car racing after a 20-year absence.

[1] While the 333 SP was in its planning stages, Ferrari contracted Italian motor racing manufacturer Dallara to assist with its development.

However, the car was losing its competitiveness against the more modern Riley & Scott, and taking 4th, 5th and 6th in the drivers championship and second in the makes was the best it could with a four-year-old design.

Starting from 1999, the car found its niche in the European races, as the newly introduced American Le Mans Series saw factory-backed Audi and BMW entries dominating against privateer Ferraris.

However, across the Atlantic, the 333 SP was the car to own, and in 1999, Collard and Sospiri renewed their ISRS title, edging out Christian Pescatori, who won the following year, with David Terrien, making it three championships in a row for the JMB Racing-entered Ferrari.

In 2002, the 333 SP was absent from the championship, but made a few appearances the following year, powered by a Judd engine, at the hands of Giovanni Lavaggi's GLV-Brums team.