The W Series has gone into administration after attempts to rescue the all-female racing championship failed.
The series had to cut short its 2022 season after the Singapore round in September, after funding issues prevented it from completing the final two races in Mexico and the US.
Talks were ongoing with investors over the last eight months over whether the series could be rescued, but ultimately they have not come to fruition.
Administrators Kevin Ley and Henry Shinners of Evelyn Partners LLP were appointed this week to the company, as it confirmed that it would be unable to commit to the 2023 season due to its liquidity position.
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Coulthard: Investment companies did not "put their money where their mouth is"
David Coulthard, who was a board chairman in the series, criticised companies for failing to "put their money where their mouth is" following its collapse earlier in May.
"I was involved in helping support the founders and what was disappointing for me, after all of their efforts and all of their blood, sweat and tears and financial investment, was a lot of companies that invest in motorsport currently talk about diversity and inclusion but actually, all that means as they talk about it," he told the Formula for Success podcast.
“They don’t actually put some money where their mouth is and hopefully that will change over time. For now, it looks like that chapter has closed but the legacy will be the likes of Jamie Chadwick and Naomi Schiff.”
The W Series made its debut in 2019 and subsequently had seasons in 2021 and 2022, with the 2020 championship cancelled due to the COVID-19 pandemic.
Chadwick won the title for all three years it was held, and has subsequently went on to race in the IndyNXT support series for IndyCar. Schiff has gone on to become a pundit for Sky Sports coverage of Formula 1 in the UK.