The W Series has announced that it will be ending its 2022 season and not contesting the final rounds in the United States and Mexico to support Formula 1 as planned.
The series was hit with financial problems prior to the Singapore round earlier this month, after the required funding "from a recent contracted investment" was not received.
They have since confirmed that they have been unable to secure funding to see off the remaining races, electing to focus on the "longevity and financial health of the W Series into 2023 and beyond."
With the premature end to the 2022 season, it means Jamie Chadwick is the champion for the third time in a row having also won in the inaugural season in 2019 and subsequently 2021.
Chief Executive Officer of the W Series, Catherine Bond Muir, confirmed Chadwick is the 2022 champion but "can't say 100%" that she will receive the $500,000 cash prize.
“Under our regulations, to have a completed championship, we need six races,” Bond Muir told media, including RacingNews365. “We’ve had seven races. So, yes, Jamie is now the de facto champion.
"Where I sit at the moment, it is my expectation that it [prize money] should be paid out.
"I can't say 100% until the money and everything else in the working capital for the business going forward [is taken care of], but where I stand at the moment I don't see why that won't be the case.
“Obviously I am just tagging along on F1‘s coat tails about this 'strange and unexpected finishes' to [motorsport] championships," she laughed.
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Bond Muir: Investment for final rounds "not possible in short time frame"
Bond Muir blamed the 'global economic downturn' for the lack of investment, after funding fell through at the last minute to secure the US and Mexico rounds.
"Due to recent unforeseen circumstances outside of W Series’ control, we had not been in receipt of contracted funds due to us. Therefore, we have been forced to make the unfortunate decision not to complete our scheduled calendar this season," said Bond Muir.
“We have worked hard to raise the required funding to enable us to finish the season. Unfortunately, it was not possible to do this in the short time frame required following the failure of contracted funds to arrive and the global economic downturn."
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