Hamilton races in a kart at the Daytona International track in Milton Keynes in 2007

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.

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