Perez out at Racing Point at end of season

Sergio Perez announced on social media Wednesday he will not be remaining with Racing Point beyond this season.

Perez, who has been with the team the past seven years dating back to when it was called Force India, had a contract in place with the team next year.

There has been prior speculation four-time champion Sebastian Vettel could join the team for next year, when it will be rebranded as Aston Martin, taking Perez's spot.

“Everything in life always has a beginning and an end, and after seven years together, my time with the team will come to an end after the season,” Perez said. “It hurts a bit as I bet on the team during very rough times. We managed to overcome obstacles and I am very proud of saving the jobs of several of my team-mates.

“I’ll keep the memories of the great moments lived together, the friendships and the satisfaction of always giving my all. I will always be grateful for the opportunity given to me by Vijay Mallya, who believed in me in 2014 and allowed me to continue my F1 career with Force India.

“To the current administration, led by Lawrence Stroll, I wish nothing but the best in the future, especially with the upcoming Aston Martin project.”

Perez added his intention is to continue racing in Formula 1. Alfa Romeo and Haas could be potential landing spots for the 30-year-old.

Racing Point team principal Otmar Szafnauer confirmed this would be Perez's last season with the team, and thanked him for his service.

"Checo has been part of the Silverstone family for seven years and in that time has become one of the most complete drivers on the grid. Blisteringly quick on Saturday and Sunday, he’s established his reputation as a tenacious racer and together we have enjoyed some fantastic moments.

"If there was ever a sniff of a podium, Checo was ready to pounce, and those five podiums represent some of the finest days in the history of this team.

"Outside of the car, Checo is a true character and a good friend, and it’s been a pleasure working with him for such a long time. Although we will say goodbye at the end of the year, there are still nine races to go and plenty of opportunities for Checo to make some more special memories with this team.”