- F1 owed in the region of UK£1.5m
- W Series paid significant funds to two companies owned by David Coulthard
- Whisper and Velocity Experience awaiting almost UK£1.8m in funds
Pioneering all-female W Series owed UK£15.8 million (US$20 million) at the time of its administration.
A Companies House update has revealed the true extent of the series’ financial woes, with a list of 150 creditors published.
Formula One is owed the largest amount, with UK£1.55 million (US$1.97 million) currently outstanding between F1 World Championship, Formula One Marketing, Formula One Management and the Miami Grand Prix.
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In June, Evelyn Partners was appointed as administrator after efforts to secure funding failed. In its last public update before administration, W Series had net liabilities of more than UK£7.5 million (US$8.1 million) to December 31st 2021.
At that time, it was reported that W Series’ biggest creditors were production company Whisper and hospitality partner Velocity Experience, both co-founded by David Coulthard.
This latest update has revealed Whisper is owed UK£711,743 (US$905,059) and Velocity Experience is owed UK£1.08 million (US$1.37 million).
Other significant creditors include:
- W Marketing – UK£824,720 (US$1.05 million)
- DHL International – UK£512,000 (US$651,064)
- DO & CO International Catering – UK£503,066 (US$639,704)
- HM Revenue & Customs – UK£264,925 (US$336,881)
The figures also reveal that W Series is in debt to all circuits that hosted races during the curtailed 2022 season, most significantly the UK£118,262 (US$150,383) owed to Miami promoters South Florida Motorsports.
Presenter Lee McKenzie and co-commentator Billy Monger are among the individuals awaiting payment.