With three F1 GT homologation street versions produced, McLaren could now develop the F1 GTR for the 1997 season. Weight was further reduced and a sequential gearbox was added. The engine was slightly destroked to 6.0 L instead of the previous 6.1 L. Due to the heavily modified bodywork, the F1 GTR 1997 is often referred to as the "Longtail" thanks to the rear bodywork being extended to increase downforce.
A total of ten F1 GTRs were built for the 1997 season.
The weight was reduced to a total of 910 kg (2,006 lb).