The A1 GP series, the self-styled 'World Cup of Motorsport', cancelled this week's Australian season-opener due to problems stemming from its British operating arm going into liquidation.

Series chairman Tony Teixeira denied, however, that his championship had reached the end of the road.

"A1GP may be down, but I do not accept we are out," he said in a statement.

"We have had four exciting seasons that have proved we are a force in the sport and now we shall consolidate on what we have achieved to date. My efforts will be on finding a way forward with the support of some very loyal people."

The first race of the fifth season had been scheduled for Surfers Paradise from Oct. 22-25 but the Ferrari-engined cars were unable to leave their British base due to the company's financial troubles.

Teixeira said he was "devastated" by the "regrettable but unavoidable" decision and apologised to the Australian motorsport fans.

He said A1 would refund the sanctioning fee to Gold Coast Motor Events and donate 50,000 Australian dollars ($46,040) to a charity of their choice. Contractors engaged by A1 who had already incurred expenses would also be reimbursed.

A provisional 19 teams had been due to race in Australia.