A racer’s road to Formula 1 is difficult and expensive. Nearly every junior driver has to pay their team to compete, and the vast majority of riders are also male. The W Series aims to turn the tables by recruiting a group of riders to compete for a fully funded championship with a $1.5 million prize pool. However, the series is only for women with financial difficulties that make cut short the 2022 season and led to the bankruptcy of the organization earlier this month. Now, some drivers have stated that they have not received any bonuses for the previous season.
Alice Powell and Abbi pull confirmed with TopGear.com that they did not receive any prize money for their results in the 2022 season. Powell owes $125,000 for finishing third in the championship. Pulling owes $100,000 after she landed fourth place on the leaderboard. TopGear.com also reports that Jamie Chadwick was not paid $500,000 to win her third consecutive W Series championship. Other drivers were hesitant to speak out because they were worried it would affect their future career prospects in motorsport.
Series W began to be administered in the UK earlier this month, an insolvency proceeding similar to bankruptcy in the US. There is a search underway to find a potential buyer to salvage the unique competition. The proceeds from the sale would then be used to pay creditors, perhaps including the drivers. Again, that will only happen if a buyer is found and they decide to pay the bonus.
While the prospect of a revival of the W Series is appealing to its devoted fans, the competition is an imperfect commercial product. The competition aims to capitalize on the proliferation of new young F1 fans and invest in women’s sports while somehow overcoming the obvious shortcomings of its place in the racing scene.
The public W series is a development series. It is positioned to develop and promote female drivers up the ladder to Formula 1. It also needs to be a hit from broadcasters and corporate sponsors, but drivers are the most marketable aspect of any racing series any. How is the W Series supposed to be financially sustainable while hoping their best talent moves to F1 as quickly as possible?
The W Series’ demise isn’t surprising, but it’s certainly disappointing. Formula 1 created the F1 Academy to fill the void, but its original purpose was to serve as a cost-controlled feeder entry to the W Series. Driver development was not spontaneous. financially maintained and the demographics of drivers entering F1 will not change Unless interests are invested at the top want to spend money to change it.
