W Series, the international all-women motor racing championship, has gone into administration after failing to secure fresh funding.
It was announced yesterday (June 15) that Kevin Ley and Henry Shinners of financial services firm Evelyn Partners were appointed joint administrators of the single-seater series on Wednesday (June 14).
The 2022 season of the W Series, its third, was brought to an end with three races remaining in October last year due to a shortfall in funding. W Series said at the time that this was a result of promised investment not having been received, and this was reiterated by Evelyn Partners yesterday.
Its financial difficulties extend back well before then, however, with series founder Bond Muir indicating at the end of season two that it had been difficult to reach the end of that campaign.
Longer-term funding and a potential sale of the business were subsequently explored but without success, it has been revealed, with W Series unable to deliver a 2023 season.
Evelyn Partners will seek to make it possible for the series to restart in the future, the firm has said.
Plans for W Series were revealed in 2018, with the free-to-enter championship intended to provide opportunities for women racers and its first season taking place in 2019. The series had weathered the cancellation of its second season in 2020 as a result of the Covid-19 pandemic.
Ley said: “The news will be upsetting for the company’s employees and drivers together with the worldwide supporters of the championship.
"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.”
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