The W Series has gone into administration and the only remaining staff member made redundant after failing to secure a buyer for the business.
The all-female series hit financial trouble last year and curtailed its season with two rounds remaining in order to try and stabilize and restart in 2023. However, after being unable to secure additional investment or a takeover deal able to be agreed, the championship has not resumed this year, and Kevin Ley and Henry Shinners of Evelyn Partners LLP were appointed Joint Administrators on 14 June.
In announcing the news, Evelyn Partners state that the final member of staff has been made redundant after all other previous employees had already left or been laid off, but the target is to try and find a buyer who could allow the series to return.
“The news will be upsetting for the Company’s employees and drivers together with the worldwide supporters of the championship,” Ley said. “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.”
CEO Catherine Bond Muir had been open about the decision to end 2022 prematurely in order to try and focus on the long-term viability of the championship, but the news of administrators being appointed ends any hope of an immediate return.
“The Joint Administrators will explore all available options to allow the W Series to restart in the future,” Shinners said. “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.”
Jamie Chadwick won all three W Series titles in 2019, 2021 and 2022 before progressing to Indy NXT this season, while the series also helped the likes of Alice Powell return to racing and kept Abbi Pulling in single-seaters before securing a full Alpine Academy position for 2023.
F1 looked into ways of supporting female drivers prior to W Series collapsing, leading to the establishment of F1 Academy for this season to provide further opportunities for those emerging from karting into cars.