You are viewing The GIST from outside Canada. Would you like us to take you to the US site, or do you want to stay on the Canadian site?
Picking up what we're putting down? We thought you might be. Sign up for our free 4x-weekly newsletter to get "the gist" of what's going on in the sports world in less than 5 minutes.
Subscribe
The GIST
ListenSubscribe
Filter by

W Series CEO has officially canceled this year's final three races

October 12, 2022
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.
Sports BusinessMotorsports
W Series CEO has officially canceled this year's final three races
SOURCE: CLIVE ROSE/GETTY IMAGES

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.
Back to Motorsports