The W Series, a free-to-enter racing championship with the goal of providing women opportunities to advance their careers in motorsport, is in danger of not finishing its third season due to financial difficulties, The Telegraph reported.
Star driver Jamie Chadwick seems set to clinch her third consecutive title at the race in Singapore this weekend, but the rest of the season may not happen, as the W Series is reportedly more than £7.5 million in debt.
Whisper TV, which typically sends a crew to races, will not send one to Singapore.
Meanwhile, Velocity Experience, which has handled hospitality for the series, will also be absent. The company is owed a large but unspecified sum of money dating back multiple months, The Telegraph reported.
In addition to those debts, the W Series, which pays out $500,000 to the season winner each year, reportedly may not have the funds to pay Chadwick or any prize winners.
The Series has had financial difficulties since lawyer and corporate finance banker Catherine Bond Muir founded it in 2018. The organization struggled through last season, with Bond Muir stating that finishing the campaign was a “battle.”
A multi-million pound deal with an American investor fell through recently, per The Telegraph. The investor has not been named.
Despite the significant debts, Bond Muir remains optimistic and is hopeful another investor will step up.
“We’re having lots of conversations at the moment and I’m very optimistic,” she told The Telegraph. “We’ve had to fight from day one. It has always been a struggle but we’re fighters.”