LONDON (REUTERS) - Germany's Timo Glock has left Marussia with immediate effect in a decision driven by financial reasons and the Formula One team's need for money in a tough economic climate.

The Russian-licensed team said on Monday that the 30-year-old, who was a rarity among the tail-end teams in being paid to drive rather than securing his seat with sponsorship, had departed by mutual consent.

They added in a statement that a replacement would be announced in due course. The team's other confirmed driver is British newcomer Max Chilton, who brings substantial backing with him.

Marussia, formerly Virgin Racing, start their fourth season in Australia on March 17 still searching for their first point and ranked 11th of the 12 teams in 2012.

"The ongoing challenges facing the industry mean that we have had to take steps to secure our long-term future. Tough economic conditions prevail and the commercial landscape is difficult for everyone, Formula One teams included," said principal John Booth in a statement.

"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."