Giedo van der Garde has revealed that he has reached a settlement with Sauber to cancel his contract, bringing to an end the long-running dispute.
It had been widely reported earlier this week that a deal had been struck, and the 29-year-old has now confirmed this in a lengthy statement.
Van der Garde had previously argued in court that he had been promised a race seat for this season, and this claim was upheld.
The Dutchman admits that he is "sad and disappointed" by the way things have turned out, claiming that his future in the sport is "probably over".
"We have reached a settlement with Sauber and my driver contract with the team has been ended by mutual consent," he said. "As a passionate race driver, I feel sad and am very disappointed. I have worked very hard my entire career, ever since starting with go-karts at the age of eight, to live my dream and become a successful Formula One driver.
"I had hoped at last to be able to show what I am capable of, driving a car for a respected midfield team in the 2015 season. This dream has been taken away from me and I know that my future in Formula One is probably over. I had a valid driver contract for the entire 2015 season and enforceable rights to it.
"I pushed very hard until last Saturday in Melbourne to get the drive that I was entitled to. This legal process started in 2014 and has taken a great deal of effort. It was never a last minute thing, but it only became public in the last week when we tried to force the team to accept the rulings of a succession of legal authorities and courts.
"I am very grateful to my fans and many friends in Formula One who have given me a lot of support during the last couple of months. This period has been very difficult for me especially since I could not talk to anybody about the pending proceedings. My future in motorsport has not finished: on the contrary, I see this as a new beginning. I will sit down with my management in the coming weeks to discuss my future plans."
Van der Garde drove for Caterham in 2013, before making the switch to Sauber.
