The Sauber team have confirmed that they have terminated their sponsorship agreement with the Money Service Group (MSG) following news that the companies founder has been arrested on fraud charges.
The team had been quiet on the matter after news broke about the potential fraud case, but the termination was confirmed in a statement today.
It read: “In the light of recent developments regarding the Money Service Group, the Sauber F1 Team has decided to end its partnership with the company with immediate effect.
“The MSG logos which have been appearing on the team gear, pit partition walls, backdrops and press stationery will be removed immediately after the Hungarian grand prix in Budapest.”
Former-driver Niki Lauda has also stopped his sponsorship deal with the Liechtenstein based company and the agency behind the deal has sought legal action against MSG.
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