Ericsson leaves financially troubled Caterham

LONDON (AP) 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 it looks 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 it looks to bring in enough money to return to the grid for the season-ending Abu Dhabi Grand Prix.

SI Apps
We've Got Apps Too
Get expert analysis, unrivaled access, and the award-winning storytelling only SI can provide—from Peter King, Tom Verducci, Lee Jenkins, Andy Staples, Grant Wahl, and more—delivered straight to you, along with up-to-the-minute news and live scores.