Bernie Ecclestone, Formula One’s billionaire entrepreneur, put up the cash and Lewis Hamilton, the three-times world champion, was the face of the new series designed to find the next British star of motor racing.
But, today, Formula Kart Stars is bust and dozens of youngsters and their families are out of pocket by as much as £20,000 after the fledgling series went into administration.
“It seems to have been badly managed. It seemed like a great idea to me and I was happy to put something in to help it get off the ground
All that is left of Formula Kart Stars, backed by F1 teams like Red Bull and Williams, is a dud Twitter account and a website bare but for Hamilton’s beaming smile and his message to aspiring youngsters who want to follow in his illustrious footsteps.
There has been no formal announcement but rumours were flying at the first meeting of the season last month at the Buckmore Park circuit in Kent. Word is only just filtering out to distraught families who have filled social media messageboards with angry words.
Ecclestone is baffled as to how the kart series he bankrolled to the tune of £500,000 had gone bust. F1’s chief executive, keen to develop the next British star, bought all of the karts and the engines and gave his blessing to the organisers, even appearing at the launch event. “It seems to have been badly managed,” Ecclestone said. “I am really disappointed because it seemed like a great idea to me and I was happy to put something in to help it get off the ground.”
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Carolynn Hoy, one of the most respected figures in the karting world, was behind the series, which seemed to have everything — the endorsement of Hamilton and his father Anthony, financial backing from Ecclestone and the goodwill of F1 teams such as Williams and Red Bull.
Hoy wanted to restrict costs in a sport where some families are willing to spend more than £100,000 a season to make their sons and daughters stars. Her aim was to provide karts, engines, tyres, motorhomes and even schooling at a budget price of about £20,000 a year.
“I am so distressed by what has happened,” Hoy told The Times. “Bernie bought all the karts and engines for us. I wanted it to be so brilliant and it started well but things went wrong from this season. I am shell-shocked. I have run championships for 20 years but nothing like this has happened.”