The financial sponsor Sauber attracted from F1 rival Toro Rosso at the start of the 2011 season has been axed from its roster amid claims that its founder had been arrested on fraud charges.

Money Service Group made the notable transfer from one team to another at the start of the year, but has lasted just ten races with Sauber before being dropped. The Swiss team issued a brief statement confirming the action overnight, stating that 'in the light of recent developments regarding the Money Service Group, the Sauber F1 Team has decided to end its partnership with the company with immediate effect'.

"The MSG logos which have been appearing on the team gear, pit partition walls, backdrops and press stationery will be removed immediately after the Hungarian Grand Prix in Budapest," it added.

The situation first came to light when three-time world champion and paddock regular Niki Lauda announced that he was to instigate legal proceedings against the Lichtenstein-based company for unpaid monies and damage incurred to his image while being sponsored to wear the MSG logo on his familiar headwear. At the same time, MSG founder Michael Seidl was arrested on suspicion of commercial fraud and embezzlement.