Jan.21 (GMM) Marussia on Monday admitted the need for money is behind the decision to part with the team's long-time lead driver Timo Glock.

Timo Glock
Timo Glock

Photo by: XPB Images

It is believed German Glock, 30, was being paid about EUR 3 million per season.

Reportedly yet to agree a new Concorde Agreement deal with Bernie Ecclestone, and narrowly missing out on the lucrative tenth place in the 2012 constructors' championship, Marussia will almost certainly now replace Glock with a 'pay driver'.

"The ongoing challenges facing the industry mean that we have had to take steps to secure our long term future," team boss John Booth said in a media statement.

"Tough economic conditions prevail and the commercial landscape is difficult for everyone, Formula One teams included."

Booth praised Glock's contribution and talent and also the fact that he is leaving despite having a "valid contract".

It is rumoured his next move will be to BMW's DTM team, even though there are suggestions he could become Paul di Resta's teammate at Force India.

Booth said Glock's replacement at Marussia will be revealed "in due course".

Glock is quoted as saying: "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."