The writing was on the wall, but W Series has confirmed that it has cut short its 2022 campaign and scrapped its final two events, in Austin and in Mexico City.
Formula 1's all-female support series was unable to secure the funding to complete its season, and has subsequently cut its losses as its promoters now focus on the "longer-term fundraising process to enable the longevity and financial health" of the category.
The premature end to the 2022 season means that Jamie Chadwick is crowned W Series champion for a third consecutive year.
W Series chief executive officer Catherine Bond-Muir says she remains positive on the series future.
"It’s with both great sadness and frustration that we announce that our much-anticipated final three races of the 2022 season in Austin and Mexico City will not go ahead," she said.
"As a start-up in only our third season of racing, we are always working hard to ensure regularity of funding as we continue to grow our business, but due to recent unforeseen circumstances outside of W Series’ control, we had not been in receipt of contracted funds due to us.
"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.
"However, while we are all incredibly disappointed that this decision has had to be made in the short term, we remain positive about the future of W Series in the long term.
"We are incredibly thankful for the help and support we have received in recent weeks following the news of the financial difficulties we’ve been facing, which has accelerated our fundraising process and given us great optimism as we look to 2023 and beyond."
Keep up to date with all the F1 news via Facebook and Twitter
Ferrari and Mercedes have both modified their car’s floor element in Las Vegas to comply…
Lewis Hamilton put Mercedes on top of the timesheets for the second time in Las…
Full results from Free Practice 2 for the Las Vegas Grand Prix at Las Vegas,…
Charles Leclerc believes that Ferrari has a genuine “shot” at beating rival McLaren to Formula…
Haas team principal Ayao Komatsu has revealed that nine Formula 1 teams stand in opposition…
Lewis Hamilton and George Russell led the field in a chilly but trouble-free first practice…