W Series has officially entered administration, four years on from its launch.
In addition, all of the staff on its payroll have been made redundant.
W Series was established in 2018 and held its maiden championship the following year, supporting the DTM race calendar.
The 2020 campaign was cancelled due to the Covid-19 pandemic before returning again in 2021.
However, problems arose late last year when the final two rounds of the campaign were cancelled due to funding issues.
And despite W Series asserting that it was confident the 2023 season would go ahead, administrators were appointed to the series on Thursday in Kevin Ley and Henry Shinners of Evelyn Partners LLP.
“The news will be upsetting for the Company’s employees and drivers together with the worldwide supporters of the championship,” said Ley.
“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.”
Jamie Chadwick emerged as the champion in all three W Series seasons that were staged, including last year’s shortened campaign.
“The Joint Administrators will explore all available options to allow the W Series to restart in the future,” added the second administrator, Shinners.
“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.”