W Series chief executive Catherine Bond Muir has said she is “confident” the third season of the competition will be completed, despite “significant” financial struggles.
Jamie Chadwick could win her third W Series title this weekend in Singapore, with races in Austin and Mexico still scheduled for October.
But according to Telegraph Sport, this year’s event may have to be abandoned as it currently owes “significant sums” to creditors.
W Series financial struggles
W Series’ creditors include Whisper, a TV production company founded by David Coulthard and Jake Humphrey, which normally sends 15 to 20 people to races. But it will not be sending anyone to Singapore this weekend.
Hospitality company Velocity Experience is also understood to be owed a significant sum, while Telegraph Sport has claimed that multiple independent contractors have not been paid invoices worth thousands of pounds.
W Series’ most recent accounts with Companies House, filed on September 5th, showed it had net liabilities of over £7.5million to Dec 31, 2021.
This was deemed to be “in line with expectations given the business is in the start-up phase”.
What has Catherine Bond Muir said?
Bond Muir has always admitted that the W Series faces financial difficulties, and she has told Telegraph Sport that the current global financial crisis has worsened the situation.
But she said she was “confident” that her event would continue to raise the necessary funds.
“We’re having lots of conversations at the moment and I’m very optimistic,” she said. “We’ve had to fight from day one. It has always been a struggle but we’re fighters.”
“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.”
What does Jamie Chadwick need to win the W Series?
Chadwick is currently top of the drivers’ standings with a mammoth 75-point lead over Alice Powell in second place.
The British star has dominated the current campaign after securing five consecutive wins, starting with a double-header victory in the season opener in Miami.
To clinch her third W Series title, all Chadwick needs to do is win in Singapore. The 25 points from a victory will put her on 168 points, an uncatchable position.
Even if she doesn’t win, she’ll need to finish higher than those chasing her down in just one race between now and the end of the season.