W Series, the all-female racing competition, has entered administration.
Launched in October 2018, W Series was held for three seasons but the 2022 campaign was curtailed with three races to go due to a lack of funding.
Avenues for further investment in the months since have not materialised and Evelyn Partners were on Wednesday appointed joint administrators of W Series Limited.
The administrators confirmed that staff had been made redundant or left the business before their appointment, with one remaining staff member losing their job.
However one former driver, Alice Powell, insisted the series “did not fail” but “inspired and created opportunities not just for its driver but for many young female racing fans too.”
Powell, 30, added: “I am sad to learn of the news of W series entering administration. At the end of the day, W Series got me out racing again, whether you agreed with the championship or not… W Series did not fail.
“I have many great memories from racing in the championship, including my win at the British GP in 2021, which will stay with me forever.”
W Series’ unique offering as an women-only motor-racing event has largely been replaced by the launch of F1 Academy, which started in April.
Three-time W Series champion Jamie Chadwick, who is also in the Williams Driver Academy, has since moved on to compete in Indy NXT, the feeder series for IndyCar in the United States.
Chadwick raced for Jenner Racing, founded by Olympic gold-medal winner and TV personality Caitlyn Jenner.
One of the joint administrators, Kevin Ley, detailed: “The news will be upsetting for the Company’s employees and drivers together with the worldwide supporters of the championship.
“The Company had been unable to commit to the 2023 race season due to its liquidity position. The directors had been in discussions with various parties to provide additional funding together with a potential sale of the business. Unfortunately, these discussions did not progress.”
Henry Shinners of Evelyn Partners LLP added: “The joint administrators will explore all available options to allow the W Series to restart in the future.
“We are seeking expressions of interest in the business and assets of the Company. We would ask that any interest is registered with us as quickly as possible.”
