The LMP296’s chassis was developed by Roger Rimmer, whilst its bodywork was designed by Didier Bonnet. It featured an aluminium honeycomb monocoque chassis, and its open-top bodywork was made from carbon fibre. When it was initially built, it featured a Ford Escort RS Cosworth-derived 2-litre turbocharged straight-four engine, race-prepared by Fochesato, and capable of a claimed maximum output of 370 hp (276 kW; 375 PS). The engine's power was transmitted to the wheels via a 5-speed Hewland FGC transmission. The LMP296 used double-wishbone suspension developed by KONI, and its Michelin-shod 16" wheels were stopped by Alcon disc brakes, with 4-piston calipers. In 1998, various other engines were experimented with; a 3-litre Alfa Romeo V6 engine, 3- and 3.2-litre BMW straight-six engines, before the team finally settled on the 3-litre BMW unit after the 1998 24 Hours of Le Mans.
The Debora LMP296 was first entered in the 24 Hours of Le Mans pre-qualifying session in 1996 by Didier Bonnet Racing. Both LMP296 chassis were entered, but the LMP296-01 chassis did not arrive, and the LMP296-02 chassis, driven by Guillaume Gomez, was only able to finish in 56th position, and, as a result, was not allowed to participate in the main event. However, the LMP296-01 chassis, driven by Edouard Sezionale, Jean-Claude Basso and Thierry Lecerf, was allowed to compete, and qualified 52nd for the race. The car did not start the race, due to engine problems. The car made its first racing appearance in the 1996 Le Mans Autumn Cup, with its drivers Jacques Chevalier, Dominique Lacaud and Patrice Roussel finishing fifth overall, and second in the LMP2 class.
Its next appearance came at the first ever International Sports Racing Series race in 1997, held at Donington Park, but the car, now classified as a SR1 car and driven by Didier Bonnet and Chevalier, retired after just six laps. The LMP297 car, which was classified in the SR2 category, also retired. The LMP296 was listed as a SR2 class car for the second round at Zolder, but the car was crashed during the formation lap, and was unable to make the start. Neither Debora car competed at Brno, but both were present at the season finale, held at Jarama. Once again classified as a SR1 car, the LMP296, driven by Hervé Regout and David Dussau, finished fourth overall, and third in class.
For 1998, Didier Bonnet Racing ran the car, under the Waterair Sports banner, in the International Sports Racing Series. The car was fitted with an Alfa Romeo 3-litre V6 for the season opener at Paul Ricard, but exhaust damage forced the car out of the race. Didier Bonnet Racing then ran the car under their own name in the pre-qualifying session for the 24 Hours of Le Mans, and Lionel Robert managed to pre-qualify the car in 51st place, with the Alfa Romeo V6 being replaced by a BMW 3-litre straight-6. Robert, Sezionale and Pierre Bruneau were selected to drive the car in the race, with a slightly larger 3.2-litre BMW S50 engine fitted; the car completed 106 laps, before a gearbox failure forced the team to retire the car at around the ten-hour mark. Following this event, the car was refitted with the 3-litre BMW unit, and ran again as Waterair Sports, who entered the car in the third round of the International Sports Racing Series, held at Misano; Sezionale, André Cholley and Jean-Claude de Castelli finished eleventh overall, and took the SR2 class victory, by virtue of being the only car present in that category. The car won the SR2 class again in the following round, held at Donington Park, and finished fifth overall in the hands of de Castelli and François Jakubowski. The fifth round, held at Anderstorp, proved to be unsuccessful for the team; the LMP297 failed to start, and the LMP296 retired after a spin on lap two. Waterair Sports then took a 1-2 in the SR2 category at the Nürburgring round, with the LMP296 taking the class victory, and finishing seventh overall. The LMP296 retired from the Le Mans round, and failed to start the season finale at Kyalami. However, as the LMP297 won both races, Waterair Sports were crowned as the SR2 class Team's Champions for 1998.
For 1999, the International Sports Racing Series became known as the Sports Racing World Cup, and Pierre Bruneau took ownership of the car, running it in his own team. Bruneau, partnered with Marc Rostan and Martin Henderson, finished ninth overall in the season opener at Barcelona, and took a class victory. The team's fortunes reversed at the following round, held at Monza, as they finished last overall and in class - eleventh and sixth respectively. Spa-Francorchamps also saw the team finish last overall and in class; although, this time, it was ninth overall, and second in class. This was followed by a retirement at Pergusa, and a stronger third (of six) in class (twelfth overall) at Donington Park. The car's last ever finish came at the Brno round; a seventh place overall, and a class victory, as all the other SR2 cars retired. The car retired from each of the remaining three events, and Bruneau's team finished runner-up to Cauduro Tampolli Team in the SR2 Team's Championship, and eleventh in the overall Team's Championship.