London: Swedish driver Marcus Ericsson says he has terminated his contract with financially stricken Formula One team Caterham with immediate effect, ahead of his move to Sauber.
Caterham missed the last two grands prix, in the United States and Brazil, after being taken over by insolvency specialists last month as they look for a new buyer.
Approaching the end of his first year in F1, Ericsson says he is quitting "following recent events" at Caterham and that it is "a sad day as we have greatly enjoyed working with the team through a difficult season."
The English-based team has raised more than 1 million pounds ($1.6 million) through a crowdfunding project as they look to bring in enough money to return to the grid for the season-ending Abu Dhabi Grand Prix.
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