W Sequence broadcasts early finish to 2022 season to deal with fundraising for 2023 - Motor Informed

W Sequence broadcasts early finish to 2022 season to deal with fundraising for 2023

Over the Singapore race weekend, it emerged W Sequence might not be capable to full its deliberate marketing campaign after a contracted cope with an American investor collapsed.

A one-week deadline was set to resolve on whether or not the ultimate races in america and the double-header in Mexico in assist of Components 1 would go forward, earlier than W Sequence introduced on Monday the season had been curtailed.

W Sequence stated the choice was “made to deal with the longer-term fundraising course of to allow the longevity and monetary well being of W Sequence into 2023.”

Because the season accomplished seven races, surpassing the six-race requirement, the championship is asserted official, with Jamie Chadwick securing her third title.

Chadwick scored 5 victories en path to the championship, ending 50 factors away from Beitske Visser in second place. Alice Powell rounded out the highest three, an additional seven factors behind.

W Sequence CEO Catherine Bond Muir instructed media retailers together with Autosport on Monday there had been important curiosity from potential traders since information emerged of the monetary difficulties, giving her confidence the sequence would return in 2023.

“We’ve had provides from a lot of folks, however the issue is getting cash in doesn’t occur on the shake of a cash tree, and other people have gotten to undergo due diligence,” defined Bond Muir.

“We believed up till final weekend there was a risk for us to get to Austin, and we’ve simply needed to name it, as a result of clearly there are deadlines on funds and issues that should be accomplished.

“We might have saved it on for a few weeks, however we simply needed to make a realistic name right this moment. Going ahead, the massive message is that I’m extraordinarily assured that W Sequence shall be right here subsequent 12 months.”

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Picture by: Sam Bloxham / Motorsport Images

Bond Muir knowledgeable the W Sequence drivers of the information earlier on Monday afternoon, and stated the championship remained dedicated to retaining its current construction going ahead to make sure drivers don’t have to fund their very own seats.

“I believe they’re involved in regards to the construction of the enterprise going ahead and whether or not they’d be requested to provide cash subsequent 12 months,” stated Bond Muir.

“I’ve stated so far as we’re involved in the intervening time, we need to preserve the DNA of W Sequence going, and that we’ll, it’s our intention to nonetheless be offering the entire bills for the drivers.

“We’ve all the time stated we’re about discovering the quickest drivers, not the richest drivers.”

Bond Muir nonetheless anticipated W Sequence to pay out the prize cash for the drivers primarily based on their ending place regardless of the shortened season. Three-time champion Chadwick is because of obtain the highest prize of $500,000, with an additional $1m unfold throughout the remainder of the sector.

“The place I sit in the intervening time, it’s my expectation that that shall be paid out,” stated Bond Muir. “I can’t say 100% till the cash plus every part else and the working capital for the enterprise going ahead.

“However the place I stand in the intervening time, I don’t see any motive why that gained’t be the case.”



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