$6.3 Billion Company Seizes W-Series Goods Over Non-payments Crossing Over $650,000

Sabyasachi Biswas | 18/09/2023
$6.3 Billion Company Seizes W-Series Goods Over Non-payments Crossing Over $650,000

W Series, the racing series that was specifically introduced to help women in motorsports went into administration last year. This happened due to the lack of funds required to continue the series and therefore the authorities had to call it off. However, it’s again in the news as DHL, the company that is valued at $6.3 billion seized all the assets of the W series, as per Business F1. This has come after the series failed to clear payments over $650,000.

After the W series was canceled last year, it gained worldwide attention. However, according to reports, a series of financial wrongs led to such poor conditions. It said that the people responsible for running the series saw a 1000 percent loss ratio.

It was reported that the W series was able to have a turnover of $5 million. On the other hand, they lost a staggering $50 million. Their losses were so huge that DHL had to step up to confiscate equipment from the series.

DHL seized goods worth over half a million from W Series

According to the report by Business F1, around $30 million was pumped into the series. Out of that $10.6 million was owed to the creditors. DHL, among them, had a $650k payment pending from the series. They didn’t get the money. As a result, they decided to confiscate goods.

The report said, ‘Almost all the assets of any value, the cars and race equipment, have also been seized by DHL, the logistic company for non-payment of a $650,000 debt.’

Admittedly, this was a huge disappointment to the female drivers. However, Formula One group has taken steps to build a new series that has replaced them.

F1 jumped in to bring W Series replacement

As the W series was canceled due to a lack of funds last year, Liberty Media devised a plan to bring out a solution for this. It persuaded all the F1 teams to dedicatedly donate to the Women’s motorsport driving cause.

Toto Wolff’s wife Susie Wolff will head the new proposed series as she has been spearheading the growth of women in motorsports for a long time. Notably, the donation by the teams will not be optional.

Therefore, the new series will have enough budget and robust financial situation to successfully navigate through and encourage women drivers to come up ahead and pursue their motorsport dream.

Post Edited By: Somin Bhattacharjee
Susie Wolff

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Sabyasachi Biswas

Sabyasachi Biswas is an F1 journalist at The SportsRush. With over one and a half decades of love for the sport and five years of experience in the field, he dreams to be a regular at the paddock when the lights go out. A Red Bull fan and F1 fan in general over the years, he enjoyed watching Felipe Massa, Sebastian Vettel, and Max Verstappen dominate the track. Apart from F1, he's also a big-time Madridista and Federer fanatic. He was a sub-junior level footballer, won inter-district quizzes and debate competitions back in school. A travel freak throughout, he tries different cuisines and learns new cultures whenever he's away from the keyboard.

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