Marcus Ericsson has announced that he has severed all ties with the Caterham F1 Team with immediate effect.

Caterham is currently in administration but is aiming to raise ?2.35m through a crowdfunding project to allow it to race in the season finale in Abu Dhabi. If the team does make the grid, Ericsson will not be racing, having announced that he has terminated his contract with the team ahead of a move to Sauber in 2015.

"Following recent events re Caterham Sports Limited and 1 MRT Sdn Bhd, my adviser Eje Elgh and I have decided to terminate, with immediate effect, all agreements connecting me to the Caterham F1 team," Ericsson said in a statement. "This is a sad day as we have greatly enjoyed working with the team through a difficult and tough season.

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"I wish to thank Colin Kolles, Manfredi Ravetto, Cyril Abiteboul and every other member of 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 teammate Kamui Kobayashi for being an inspiring benchmark throughout the year, and hope to see him back on the track soon."

Ericsson competed in 16 grands prix for Caterham before the team entered administration, securing a best result of 11th place in Monaco.

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Probably so he doesn't have to pay them any more money.