Jul.29 (Inautonews.com/GMM) A spokesman for Sauber on Thursday insisted the team had “no comment” amid reports of the demise of its sponsor Money Service Group.

A day later, the Swiss team axed the deal.

Sauber confirmed in a media statement that it ended its contract with the Liechtenstein based firm “in the light of recent developments”.

A few days ago, Niki Lauda said he would commence legal action against his cap sponsor, amid reports its founder Michael Seidl was arrested on suspicion of commercial fraud.

Sauber said at the Hungaroring: “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.”