The P99 was the product of Ferguson Research Ltd, initiated by Tony Rolt and Harry Ferguson. Ferguson, who died on 25 October 1960, sought to demonstrate the efficacy of the company's 4WD transmission systems through circuit racing. Designed by Claude Hill, the car utilized a front-engine layout to achieve an even weight distribution across both axles and a 50–50 torque distribution. This design choice was made despite the established success of mid-engined competitors from Cooper and Lotus during the 1959 and 1960 seasons.
The car's development coincided with a significant regulatory shift. In October 1958, the FIA/CSI decided to reduce Formula 1 engine capacity from 2.5 litres to 1.5 litres for the 1961 season, while also instituting a minimum weight of 450 kg. This change penalized the P99 due to the inherent weight of its AWD transmission. Despite these challenges, the team fitted a 1.5-litre Coventry Climax FPF 4-cylinder engine, mounted at an angle to accommodate the front driveshaft. The cockpit was configured with an off-centre driving position to allow for the gearbox and rear driveshaft.
The P99 made its competitive debut on 8 July 1961 at the British Empire Trophy at Silverstone. Entered by the Rob Walker Racing Team and driven by Jack Fairman, the car's first outing ended in a crash on the second lap.
The P99 participated in its only World Championship event at the 1961 British Grand Prix at Aintree. Jack Fairman started the race but later handed the car over to Stirling Moss after Moss's Lotus 18 suffered a failure. However, the car was disqualified on lap 56 for receiving outside assistance.
The car's defining performance occurred in September 1961 at the non-championship International Gold Cup. On a damp Oulton Park circuit, Stirling Moss drove the P99 to victory, marking the first win for an AWD car and the last for a front-engined car in Formula 1 history.
In February 1963, the P99 was fitted with a 2.5-litre Climax engine for the Tasman series in New Zealand and Australia. Driven by Innes Ireland and Graham Hill, the car finished sixth at the Australian Grand Prix at Warwick Farm and second at the Lakeside International.
The P99 served as the technical inspiration for the Ferguson P104 Novi Indycar. Driven by Bobby Unser in the 1964 Indianapolis 500, the P104 was involved in a major crash that caused damage beyond immediate repair. While it returned in 1965, engine problems led to its retirement from regular competition.
Following its frontline career, the P99 transitioned to the British Hillclimb Championship. It proved highly effective in this discipline, with Peter Westbury winning the national title in 1964. The car continued to compete in hillclimb events through 1965 and 1966.
In a 1997 interview with Motor Sport magazine, Stirling Moss identified the P99 as his favorite of all the Formula 1 cars he drove during his career. The vehicle remains active in historic racing events.
While primarily known for its Formula 1 and hillclimb exploits, the P99's 4WD technology influenced subsequent racing designs, most notably the Novi-powered Ferguson entries at the Indianapolis 500 in the mid-1960s. The car also participated in Intercontinental Formula races, which allowed the use of the larger 2.5-litre engines that the British teams had preferred prior to the 1961 regulation changes.