W Series has confirmed that it is ends his season earlyand said it has made the decision to “cut costs” and focus on ensuring the “long-term financial health” of the formula.
In a conference call on Monday, Catherine Bond Muir, co-founder and chief executive of the all-female formula, said she was “extremely confident” the W Series would survive, claiming she almost found the money to finish this season, but felt that it was better to pay back the creditors and focus on next year instead.
The decision means Britain’s Jamie Chadwick, who has a 50-point lead in this year’s title race, wins her third W Series championship in a row by default. Bond Muir said Chadwick would be paid his $500,000 prize.
This was revealed by Telegraph Sport two weeks ago that the W Series was in danger of having to cancel its final double-header, which was due to run on the undercard of the Formula 1 races in Austin and Mexico later this month.
The series, which is in its third season, has significant debt, owing millions of dollars to a number of creditors, including Whisper Productions and Velocity Experience, which runs its hospitality business. A promised deal with an unnamed American investor, which fell through at the 11th hour, was the last straw.
Bond Muir was defiant in Singapore at the final round of the W Series two weekends ago, but admitted a premature end to the season was a possibility. She has now confirmed that.
“It is with both great sadness and frustration that we announce that our highly anticipated final three races of the 2022 season in Austin and Mexico City will not go ahead,” Bond Muir said in a statement.
“As a start-up in only our third season of racing, we always work hard to secure regular funding as we continue to grow our business, but due to recent unforeseen circumstances beyond the W Series’ control, we were unable to been in receipt of contracted funds due to us therefore we have been forced to make the unfortunate decision not to complete our planned calendar this season.
“We would like to thank both Circuit of The Americas and Autódromo Hermanos Rodríguez’s Grupo CIE for their support as promoters of our events in Austin and Mexico City respectively, and apologize to both them and our fans that we will not be able to run races there. this year.”
She added: “We remain positive about the long-term future of the W Series. While we are unable to make a formal announcement yet, there are many positive conversations underway and all parties share our passion and belief on our mission to give our incredible field of female drivers a platform to showcase their talents and to race in front of enthusiastic fans around the world.
“We are grateful for the continued support of our incredible and growing fan base, and we look forward to sharing positive news about the future of the W Series in the coming weeks.”