Renault and Nick Heidfeld have formally announced they have parted ways.

A statement released on Friday said the pair had reached “an amicable settlement” and split with immediate effect.

Team principal Eric Boullier said: “Our disagreement with Nick has been the subject of much media coverage lately, and we are pleased to have reached a swift and reasonable solution.

“Our separation process was already a painful one, and neither of us wanted to go through another legal hearing. We?������re very grateful to Nick for the highly valuable contribution he?������s made to the team. We certainly had good times together, in particular remembering our podium finish in Malaysia.

“He is a very strong and determined racer and we wish him every success in the future.”

Heidfeld said: “Obviously I?������m disappointed to be leaving Lotus Renault GP in the middle of the season.

“I thought I could still make a big contribution to the team, but I have to see things as they are and I want to turn my attention to the future. We have taken the right decision by choosing to end our collaboration today.

“I would like to wish all the friends I made at Enstone a successful end to the season. One thing is for sure – I?������ll be back racing at the highest level soon.”

Heidfeld joined the team at the start of the season to substitute for the injured Robert Kubica. Heidfeld was replaced by Bruno Senna at the Belgian Grand Prix.

Update: Renault have also announced Bruno Senna will continue to drive for them for the rest of the year

2011 F1 season

