The Telegraph has reported that the all-female series owes “significant sums” to creditors, leaving serious doubts as to whether W Series can see out the rest of the season.
W Series is racing in Singapore this weekend and is due to support F1 at the United States and Mexican Grands Prix on October 22 and October 30, marking the final two rounds of its third season.
According to The Telegraph, W Series is desperately trying to raise the funds to pay creditors including Whisper and hospitality specialists Velocity Experience.
The report also claims a multi-million pound deal with an unnamed American investor collapsed.
W Series CEO Catherine Bond Muir admitted the series has struggled for funding and could not guarantee the season would be completed, or that the drivers would be paid their prize money.
“We’re having lots of conversations at the moment and I’m very optimistic,” Bond is quoted by The Telegraph.
“We’ve had to fight from day one. It has always been a struggle but we’re fighters.”
Bond added: “We’re looking at our budgets. We’re confident that we’ll continue to raise money. You have to understand W Series is a brand new sport. Tennis has equality now because Billie-Jean King fought for those rights 50 years ago.
“Football is slowly starting to become more equal. Rugby? We saw recently that England’s women flew economy to the World Cup where their male counterparts flew business. It takes time. We’re only in our third season. But we have had a huge impact already and we are a force for good.”
Williams F1 development driver Jamie Chadwick will seal her third straight W Series title if she wins the race in Singapore.