W Series cancels rest of 2022 season amid financial issues
The all-female championship has cancelled upcoming races on the F1 support bill in Austin and Mexico City in a bid to cut costs after failing to find the required funding to complete the season.
W Series is now focusing on a longer-term fundraising process with the aim of securing investment to return for the 2023 season.
Jamie Chadwick, who was 50 points clear in the drivers’ standings after the last race in Singapore, has been crowned champion for the third time.
W Series CEO Catherine Bond Muir said: “It’s with both great sadness and frustration that we announce that our much-anticipated final three races of the 2022 season in Austin and Mexico City will not go ahead.
“As a start-up in only our third season of racing, we are always working hard to ensure regularity of funding as we continue to grow our business, but due to recent unforeseen circumstances outside of W Series’ control, we had not been in receipt of contracted funds due to us.
“Therefore, we have been forced to make the unfortunate decision not to complete our scheduled calendar this season. We would like to thank both Circuit of The Americas and Autódromo Hermanos Rodríguez’s Grupo CIE for their support as promoters of our events in Austin and Mexico City respectively, and apologise to both them and our fans that we will not be able to go racing there this year.
“We have worked hard to raise the required funding to enable us to finish the season. Unfortunately, it was not possible to do this in the short time frame required following the failure of contracted funds to arrive and the global economic downturn.
“However, while we are all incredibly disappointed that this decision has had to be made in the short term, we remain positive about the future of W Series in the long term. It is well-documented that women’s sports receive far less funding than its male counterparts, and W Series is no exception.
“We are incredibly thankful for the help and support we have received in recent weeks following the news of the financial difficulties we’ve been facing, which has accelerated our fundraising process and given us great optimism as we look to 2023 and beyond.
“While we aren’t in a position to make a formal announcement yet, there are many positive conversations ongoing and all parties share our passion for and belief in our mission to provide our incredible field of women drivers a platform to showcase their talents and to race in front of enthusiastic fans all around the world.
“We are doing everything we can to ensure the long-term financial health of our business and we look forward to W Series’ continued growth and success.”
