Caterham team principal Tony Fernandes has announced that he is to step down from the Formula 1 team at the end of the season.

Fernandes, who also owns Queens Park Rangers football club, has said that a successor "from within F1" is better suited to take the team forward.

"It was right for us to lead the team initially and set a template of how it should be," Fernandes is quoted by Autocar as saying.

"That vision is now set and the team is ready to move forward to the midfield.

"I know who [my successor] will be, and can tell you that as I had confirmation earlier, but I cannot tell you their name yet. All I can say is they are from within F1."

Caterham are one of three teams yet to score a point this season.