The all-female W Series has entered administration after the single-seater championship failed to secure funding.

Alice Powell, who raced in the series from its start in 2019, said it had “inspired” many young female fans and “created” opportunities for drivers.

“W Series DID NOT fail,” said the 30-year-old Briton.

“At the end of the day, W Series got me out racing again, whether you agreed with the championship or not.

“I have many great memories from racing in the championship, including my win at the British GP in 2021, which will stay with me forever.”

Britain’s Jamie Chadwick dominated W Series and was crowned champion three times. The 25-year-old is now racing in the United States-based Indy NXT and is also part of Williams’ academy.

Administrators Evelyn Partners LLP said that most staff had already left the business or been made redundant.

Kevin Ley, one of the joint administrators, said: “The news will be upsetting for the company’s employees and drivers together with the worldwide supporters of the championship.

“The company had been unable to commit to the 2023 race season due to its liquidity position.

“The directors had been in discussions with various parties to provide additional funding together with a potential sale of the business. Unfortunately, these discussions did not progress.”

Ley’s joint administrator, Harry Shinners, added: “The joint administrators will explore all available options to allow the W Series to restart in the future. We are seeking expressions of interest in the business and assets of the company.”

In November, Formula 1 – which has not had a female driver compete in a race since 1976 – launched the F1 Academy, an all-female series aimed at helping women drivers progress through motorsport.

The inaugural season features seven rounds with the final race supporting the United States Grand Prix in Austin, Texas, in October.