The all-female W Series has entered administration less than one year on from the end of its curtailed 2022 season.
W Series was founded by Catherine Bond Muir in 2019 with the goal of creating a series to help women progress up the racing ladder.
The championship offered a total of $1.5 million to its drivers, $500,000 of which went to the winner.
Williams academy driver Jamie Chadwick won the championship in each of its three seasons, although the 2022 campaign was cut short when the series encountered financial difficulties.
The company remained hopeful of getting a season together for 2023, but on Wednesday Kevin Ley and Henry Shinners of Evelyn Partners LLP were appointed Joint Administrators of W Series.
Evelyn Partners LLP said the one member of staff who remained at the company has now been made redundant.
The administrators said they will “explore all options available” to allow the series to restart in future.
In a statement, Ley 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.”
F1 has since launched its own all-female Academy, which next year is expected to join junior championships Formula 2 and Formula 3 as a support event at a number of events.
The F1 Academy’s inaugural season started in April.