[3] After the series folded, Ferrari was unhappy with homologation specials such as the Porsche 911 GT1 being allowed in the newly formed FIA GT Championship and decided to cancel the project due to lack of funding to compete.

The car had a fixed roof, a large rear wing, new front spoiler and many other adjustments.

The 4.7 litre V12 engine was tuned to generate around 750 brake horsepower (760 metric horsepower; 559 kilowatts) at 10,500 rpm and 380 lb⋅ft (520 N⋅m) of torque at 7,500 rpm.

A test held in 1996 proved the car to be quicker even than the 333 SP, but this went unnoticed as Ferrari cancelled the F50 GT project because it was unhappy with FIA allowing homologation special cars such as the Porsche 911 GT1 in the series.

Ferrari instead focused on Formula One after the BPR Global GT Series folded.