The Australian Formula Ford championship, a breeding ground for some of the country’s most successful racers, will be axed at the end of the 2013 season.

The Confederation of Australian Motor Sport (CAMS) said rising costs and lack of financial support from manufacturer Ford had made staging the national series unviable in the long term.

“Those pressures have not eased and, despite careful management of the category this year by CAMS, we simply cannot justify the time and money it will take to continue doing so beyond 2013,” CAMS chief executive Eugene Arocca said in a statement.

“It is expensive for everyone competing in the national competition and we feel there is a better, more affordable, more sustainable way of showcasing Formula Ford racing nationally.”

State-level Formula Ford championships will continue in NSW, Victoria, Queensland, South Australia and Western Australia, with CAMS to consider launching an annual national festival.

The competition has been held annually since 1970 and, in 1993, was upgraded to Australian championship status.

Among the category’s most notable alumni are Formula One drivers Mark Webber and Daniel Ricciardo, IndyCar pilot Will Power, NASCAR’s Marcos Ambrose, as well as V8 Supercars champions Jamie Whincup, Craig Lowndes and Garth Tander.

James Moffat, who finished third in the 2007 Formula Ford series, said on Twitter the news was disappointing.

“Shame to hear about the loss of the Australian Formula Ford Championship from next yr on. Has been the proving ground for so much talent…,” wrote Moffat, who claimed his maiden V8 Supercars victory with returning outfit Nissan at Winton on Saturday.

The Formula Ford championship’s remaining three rounds will be run on the Gold Coast, Phillip Island and Homebush in Sydney.