Former Formula One drivers Jacques Villeneuve, Jean Alesi, Heinz-Harald Frentzen, Christian Danner, Johnny Herbert, Stefan Johansson, Narain Karthikeyan, Ukyo Katayama, JJ Lehto, Gianni Morbidelli, Alex Yoong and Vitantonio Liuzzi competed in the Speedcar Series.

A rescue deal planned by new series boss Claudio Berro fell through, and the championship was cancelled in June 2009.

The British Virgin Islands based company that ran the series was placed into liquidation on 14 June 2010 and its assets put up for sale.

The car was the Speedcar V8, made by the championship promoter, powered by a V8 620 hp supplied by Menard Competition Technologies.

The series used the points scoring systems adopted at the time in the majority of the FIA championships.