German racer Timo Glock has left the Marussia Formula One team with immediate effect, the team said on Monday.

Glock, 30, had a contract with the team until 2014, but Marussia cited an economic reason for a decision it said was reached “by mutual consent.” It is believed Marussia is looking for a driver who will bring more sponsorship revenue to the team.

The racing future of Glock, who has been with Marussia since it was formed in 2009, is now uncertain.

It is thought the former Jordan, Toyota and Virgin driver could be eyeing a start in Germany’s DTM (Deutsche Tourenwagen-Meisterschaft) race series.

Marussia team principal John Booth praised Glock’s “very significant contribution” to the team’s development.

“The ongoing challenges facing the industry mean that we have had to take steps to secure our long-term future,” he said in a statement posted on the team’s website.

“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.”

Marussia has not yet named a replacement for Glock.

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