Frentzen

LONDON, England -- Germany's Heinz-Harald Frentzen has been released from his Formula One contract with Arrows after expressing concerns over the financial uncertainty at the team.

Arrows is currently fighting an injunction, from current shareholders Morgan Grenfell, against the introduction of new investors.

In a statement from Arrows, team principal Tom Walkinshaw said: "Heinz told us that, due to the uncertainty at Arrows, he wished to stand down and we did not want to stand in his way."

Frentzen joined the team at the start of the season after finishing last year with the now-defunct Prost Grand Prix team.

The German has been linked to Sauber, as a replacement for Brazilian Felipe Massa, and Jordan -- the team that fired Frentzen in 2001 but who have Deutsche Post as their major sponsor.

"I'd like to thank the team for the 12 races I have had with them," Frentzen said Friday. "The team definitely has real potential so I hope they can sort their problems out and realize their goals."

Frentzen, 35, said at last week's German Grand Prix that he wanted to wait until the team's future was settled before making a decision on his own plans.

Energy drink manufacturer Red Bull, who back Brazilian Enrique Bernoldi, are involved in discussions with Arrows over a takeover bid and would be keen to bring in their own driver once a deal is completed.

But a spokesperson for Arrows said Friday that there has been no change in the financial position of the team and that Frentzen's departure was his own decision.

Frentzen is unlikely to join a new team in time for this month's Hungarian Grand Prix, his manager Monte Field has said.

But Field, who refused to say whether any teams influenced Frentzen's move, said the driver is yet to sign a new deal with another outfit.

"It's probably less likely to happen (this time)," Field said when asked if Frentzen is likely to find a drive in time to compete in Budapest. "Something came up for us and it was just best that we ended our association with Arrows.

"I cannot say (what) at the moment but we do intend to do everything we can to ensure he will drive at some time."

Jordan sponsors Deutsche Bank attempted, but failed, to draft Frentzen into the seat as a replacement for Giancarlo Fisichella when the Italian was injured at the French Grand Prix.

The team have been linked to a Ford engine deal for 2003, which could be bankrolled by their sponsors if the team re-signs Frentzen.

The German bank were not available for comment, but a spokesman for Jordan said on Friday that they were currently unaware of any plans to have Frentzen in the car.

Toyota has been ruled out of a move for Frentzen after it confirmed that Scot Allan McNish will not be replaced before the end of the season. No members of the Sauber team were available for comment.

Frentzen revealed his sorrow at leaving his Arrows team when it is faced with an uncertain financial future, but suggested fears for his own future triggered his move.

The team is currently attempting to end an injunction from shareholders Morgan Grenfell preventing any investment in the team from going ahead until their shares are sold.

A spokesperson for the team said on Friday that there has been no change in the current situation with the team's finances and Field admitted that Frentzen could not help them out any further.

"There is not much more we could have done for Arrows," Field said. "It is something that we can't have much to do with."

Frentzen sat out the French Grand Prix after the team allowed him just four laps over the entire weekend and he failed to qualify. Despite a return to normal running at the German Grand Prix last weekend, Frentzen decided he could not continue.

"What happened in Magny-Cours had nothing to do with what the racing drivers could do," Field said. "We have certain understandings with what is going on at Arrows, but it is just time to focus on what is best for Heinz-Harald."