Karthikeyan gives up 2006 race seat

The 2005 F1 season looks set to mark not only the start of Narain Karthikeyan's career as a F1 racer but also the end. The Jordan driver during last F1 season announced on Wednesday that he'd been forced to withdraw from the battle for Midland's second 2006 race-seat due to financial problems

Midland, who purchased the Jordan outfit in January this year, are selling their second race-seat for between eight and ten million euros. And it’s a price that Karthikeyan can’t meet.

Narain Karthikeyan "There is no way I can raise that kind of money. In fact I did not even mention the figure to my sponsors because I know it is not possible to get that kind of money.
I have been compelled to tell Midland to look elsewhere."

The Indian rookie hopes to remain in F1 next season and is already holding talks with teams looking for a test driver.

"We were juggling with the figures for some time now and it was not working out. Anyway, being a test driver in a good car will allow me to showcase my skills better. I am hoping to come back, and that is a genuine possibility."