W Series was launched in 2019, before becoming a support event to Formula 1 in 2021; the competition's 2022 season was cut two races short due to financial reasons; Britain's Jamie Chadwick won all three W Series titles
Thursday 15 June 2023 16:09, UK
W Series has gone into administration following the early curtailment of the all-female motorsport category's 2022 season.
The future of the competition, which debuted in 2019, had been in doubt since the final two rounds of the 2022 campaign were cancelled due to financial reasons.
No announcement followed regarding a 2023 calendar, while the creation of F1 Academy, another all-female category, created further uncertainty over whether W Series would return.
It has now been confirmed that on Wednesday, Kevin Ley and Henry Shinners of Evelyn Partners LLP were appointed joint administrators.
The administrators revealed that the one member of staff who remained employed by the company has now been made redundant, and promised to "explore all available options to allow the W Series to restart in the future."
W Series began in 2019 on the support bill for DTM, but was unable to continue in 2020 because of the Covid-19 pandemic.
The competition returned on Formula 1's support bill in 2021 and remained there in 2022, with Britain's Jamie Chadwick claiming all three titles.
"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."
Shinners 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.
"Staff had been made redundant or had left the business before our appointment and it has unfortunately been necessary to make the remaining staff member redundant.
"The joint administrators will be looking to support any staff impacted by the administration, given the financial position of the company, with making and progressing any claims with the Redundancy Payments Office."
British driver Alice Powell, who competed in all three W Series seasons, expressed her sadness at the news but insists that the competition "did not fail".
Powell won races in each of her W Series campaigns, with her highest championship finish second behind Chadwick in 2021.
"I am sad to learn of the news of W Series entering administration," Powell wrote on Twitter.
"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. It inspired and created opportunities not just for its drivers, but for many young female racing fans too.
"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."
Many drivers, including Britain's Abbi Pulling, who is competing in F1 Academy's inaugural campaign, had credited W Series with saving their careers, particularly as it was free to enter in a hugely-expensive sport that remains overwhelmingly male-dominated.
Its 2022 race at Silverstone attracted a peak UK TV audience of more than a million viewers, making it the most-watched motorsport event since 2014 outside of F1.
