Marussia and Timo Glock have issued a joint statement confirming that they have agreed to part company with immediate effect.

The 30 year old German has been with the team since its inception in 2009, completing three full seasons of competition and playing a significant role in its development.

"Timo has made a very significant contribution to our team over the past three seasons," said Team Principal, John Booth, "helping us to develop our package to the point where, for a large proportion of the 2012 season, we were holding 10th place in the Constructors' Championship. Timo is a fantastic driver and he has been a very popular member of the team.

"Our team was founded on the principle of benefiting from proven experience whilst also providing opportunities for young emerging talent to progress to the pinnacle of motorsport. Thus far, this philosophy has also been reflected in our commercial model. The ongoing challenges facing the industry mean that we have had to take steps to secure our long-term future. Tough economic conditions prevail and the commercial landscape is difficult for everyone, Formula 1 teams included. We would like to thank Timo for working with us to reach this decision, especially as he had a valid contract, and also for the contribution he has made to our team. We wish him all the best for his future and I would like to congratulate the next team acquiring the services of such a competitive, professional and experienced racer.

"We will provide an update regarding the completion of our driver line-up in due course."

"I have had three excellent years with the Marussia F1 team," added Glock, "during which I had the chance to actively participate in building and developing the team in its endeavours to succeed within the Formula 1 World Championship. I would like to wish the team good luck in navigating this next period and thank everyone for the great times we shared and the support I have received. Although it is not the path I expected to be taking, I am in fact very excited about what the future holds in terms of my own career and I hope to comment on that very soon."