W Series CEO has officially canceled this year's final three races
The GIST: Bring out the safety car. W Series CEO Catherine Bond Muir officially canceled this year’s final races in Austin, Texas, and Mexico City on Monday in an effort to keep the motorsport championship alive.
The reasoning: Bond Muir said looming payment deadlines left the W Series financially unable to stage races. The organization posted net liabilities of around $8.3 million last year and reportedly owes money to multiple contractors, but — plot twist — the CEO also noted this week that the W Series also hasn’t received money it’s owed.
The next steps: With the 2022 season prematurely ending, leadership will now focus on fundraising. Bond Muir said interest has spiked since news of the W Series’ monetary woes broke last month.
- The championship is also looking into hosting more races in Europe — and fewer elsewhere — to cut costs. Through its relationship with Formula One (F1), though, the W Series may be limited to the few events F1 hosts on the continent.
- The good news? This season’s drivers are expected to receive prize money in full, including 2022 victor Jamie Chadwick. The three-time champ will pocket $500K, while remaining competitors will split $1 million.
Zooming out: An organization willing to place the W Series under its umbrella (even temporarily) may be ideal for the three-year-old championship, borrowing from models past and present. The U.S. Soccer Federation managed the NWSL until 2021, and the WNBA is charting success as part of the NBA.
- Doing so could prove especially helpful for the W Series, whose free-to-enter model aims to eliminate barriers to access in a very expensive sport. Ball’s in your court, investors.