Promising racing driver Alice Powell says she is thinking of giving up the sport due to a lack of money.

The 19-year-old, from Chipping Norton normally races in the UK’s Formula Renault Championship but is struggling to find sponsorship for the new season.

Powell was the first female in the world to win Formula Renault – in 2010 – but says even that has not helped secure funding.

“We are in crisis mode at the moment, it's looking at this stage the career could end,” said Powell, who has to secure the cash by the end of the month.

The Formula Renault season begins at Brands Hatch on March 31, but Powell hasn’t yet secured enough sponsorship to enter.

“It’s quite dire at the moment,” she added.

“I have considered getting a ‘day job’, but I want to stay in motorsport.

“We’ve got plenty of F1 teams around the county, so I would hopefully try and get a job with them.”

Powell, who has been racing since she was eight, added: “It’s been a big part of my life, so for it all to end would be quite sad.

“Obviously I still want to reach my dream of racing in Formula 1.

“It is really frustrating, I’ve put so much effort and so much work into this and you would think even winning a championship would help.

“But it is tough out there for a lot of people, not just in motor racing.

“The economic climate is making things tougher for companies out there. The cost of motorsport is quite high, so companies are not going to invest in it when they are struggling themselves.

“Motorsport is all about financial backing.”