Formula E, the all-electric single-seater motor racing championship, has paid for the intellectual property (IP) rights of the W Series, the all-women series that went into administration last year.
The latest Formula E administrators’ report, published last week, shows that the Formula E Operations company had purchased the IP rights.
Go deeper with GlobalData
The sale, the documents show, was completed in late March, and cost Formula E £110,000 ($142,000) plus VAT.
Speaking to the Formula Scout publication, Formula E chief executive Jeff Dodds said: “I just thought it was a good opportunity to have the asset because we are focused on bringing more women into motorsport.
“So we just want to give opportunities for different people to try cars and to realize their potential in motorsports. And W Series, I thought, was a really valiant effort to do that for women racing.”
Plans for W Series were first revealed in 2018, with the free-to-enter championship intended to provide opportunities for women racers, and its first season taking place in 2019.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHowever, a myriad of financial issues stemming from the onset of the coronavirus pandemic in early 2020 meant that the series’ third season in 2022 could not be finished before the intended 2023 campaign was canceled.
Then, in June 2023, came the news that the series’ organizers had appointed administrators.
It has been reported that W Series still has outstanding debtors.
Formula E, meanwhile, now has a controlling stake owned by major US media group Liberty Global, as of a deal announced last month.
Liberty Global has reached a controlling stake of 65% by snapping up shares held by media and entertainment giant Warner Bros. Discovery (WBD).
The deal, which still needs to pass through the usual regulatory approvals, will leave the remaining 35% of the series – now into its 10th season – under the control of various minority shareholders. Approval is expected by the end of 2024.
June also saw Formula E unveil a record race calendar for its 11th season, including several new locations.
The series will have a 17-race season for the first time across 11 venues.
Most notably, Monaco will debut on the Formula E calendar with separate back-to-back races on the full Circuit de Monaco.
The 2024-25 season will also feature a return to Miami, USA, for the first time since season one in an all-new location – the Homestead-Miami Speedway.
