By Hannah Duffy and Jamie Cooper
With the W-Series heading to Singapore for the first time, reports have surfaced that the series is in serious financial trouble, with liabilities of around £7.5million.
The Telegraph reported that the Series may not complete the final 2 rounds of the season in Mexico and USA. The combination of the weak UK pound and the large costs starting up a new racing series.
As a result of the series financial concerns, they are sending a “bare bones” crew to Singapore. Sources connected to the series have reported to The Telegraph that invoices worth thousands dating back months have gone unpaid, while the owner of W-Series Velocity Experience is in debt.
The financial state of the series has also brought into question the promised $1.5million prize money that has not been guaranteed to be distributed.
W series lodged accounts on September fifth with Companies House in the UK, noting liabilities of £7.5million, which is “in line with expectations given the business is in the start up phase”
Speaking of the current financial state of the series, W Series CEO Catherine Bond Muir stated that the current global financial crisis and the depreciation of the pound has made her job harder.
One of the biggest issues facing the series is the lack of willing investment, which was highlighted when an American Investor pulled out at the last minute, leading to difficulties finishing the 2021 season.
It looks as though that the series will have to do some financial finagling to finish the season.