The Middle East and Asia-based Speedcar Series has collapsed following just two seasons, it has been announced – after a rescue deal spearheaded by new boss Claudio Berro failed to save it from financial meltdown.

The one-make stock car championship began life in January 2008, with former British Grand Prix winner Johnny Herbert triumphing in its inaugural campaign and ex-Sauber F1 team-mate Gianni Morbidelli pinching the British star's crown twelve months later.

Other illustrious names to have graced the grid in the identical V8-powered, 620bhp, driver aid-free cars include 1995 Canadian Grand Prix winner and Ferrari favourite Jean Alesi, double Le Mans 24 Hours winner JJ Lehto, 1997 F1 World Champion Jacques Villeneuve, legendary multiple tin-top 'king' Klaus Ludwig, one-time McLaren and Ferrari ace Stefan Johansson, 1999 Jordan Grand Prix F1 title-challenger Heinz-Harald Frentzen and fellow erstwhile grand prix drivers Narain Karthikeyan, Vitantonio Liuzzi, Christian Danner, Ukyo Katayama and Alex Yoong. Kawasaki MotoGP star Marco Melandri also starred on his surprise appearances in Losail and Dubai earlier this year.

Aside from rounds in Dubai, Indonesia and Qatar, Speedcar supported F1 events in Malaysia and Bahrain, but backers Union Properties have now revealed that the plug has been pulled.