Caterham: Marcus Ericsson terminates deal

Marcus Ericsson will drive for Sauber next year after his F1 debut with Caterham this season

Swedish Formula 1 rookie Marcus Ericsson has terminated his Caterham contract with immediate effect.

Caterham are in administration but are trying to raise enough money through crowdfunding to enable them to compete at the season finale in Abu Dhabi.

If they succeed, Ericsson, 24, who has a deal to drive for Sauber next season, would have been expected to race.

"This is a sad day as we have greatly enjoyed working with the team through a difficult and tough season," he said.

"I have decided to terminate, with immediate effect, all agreements connecting me to the Caterham F1 team.

"I wish to thank the Caterham F1 team for your trust and confidence in me, and for making my first Formula 1 season an educational and unforgettable experience.

"In addition, I thank my good friend and team-mate Kamui Kobayashi for being an inspiring benchmark throughout the year, and hope to see him back on the track soon."

On Monday, Caterham tweeted that they have raised £1.18m of the £2.35m required to get the team to Abu Dhabi for the race, which takes place on 21-23 November.

Caterham missed the United States and Brazilian Grands Prix because they are in administration and have yet to score a point in Formula 1, since the team joined the sport in 2010 under the Lotus Racing banner.

Ericsson, in his debut season, scored the team's best finish of the season in Monaco with 11th.