Unable to secure a seat on the 2013 grid, Jaime Alguersuari has hit out at the sport claiming that it has become an auction with seats going to the driver with the best funding. The Spaniard also claims that a deal he had secured has been reneged on.

In an emotional statment, issued by his Press Manager, Blanca de Foronada, Alguersuari makes clear his anger and frustration with Formula One, but insists he still has a future in the sport.

It reads:

"I've taken four months to address the media, and through them, to the thousands of fans in and out of my country who have shown their affection and support to me.

I never imagined that after Red Bull's incomprehensible decision not to count on me in 2012, having done my best sporting season in F1, I would have to fight so much outside the track to finally assume that in 2013 I will not be in F1.

I assure everyone that I have been convinced most of the 2012 F1 season, that my seat was secured in a team that usually scores. So they did tell me and I believed it to be true. Due to this conviction I passed up other opportunities in other championships.

I've looked in faith and longing that the value of my sporting career, and the verbal commitments received, would materialize with my return to F1 in 2013. This has not happened.

Those who committed themselves with me have given me reasons that I must accept but that I do not share. F1 has become an auction.

I'm fully conscious about the big task we did me and Buemi and the quality we deliver. My solely dream is to drive for a team that allows me to finish in the Top 5. I will play all my cards the best I can and keep betting for talent, experience and background, no need so say much more….

Is my career over in F1 at 22 years old? Despite everything, I strongly don't think so.

By waiting for the F1 I lost other interesting options, but instead I must thank Paul Hembery from Pirelli Motorsport, for his unalterable confidence placed in me, by announcing that he counts on me for the development test. So I will continue active in Formula One, and completing more kilometers than any third driver in this discipline.

Although Spain's economy is in the worst shape in our modern history, and except for the Bank of Santander, no other company considers Formula One as a profitable and sustainable business, I know how old I am, I know my track record and I'm convinced that I deserve a winning car in F1. And I will keep fighting for it.

I'm taking part in the Mitja Marato de Barcelona and I will keep training hard at the High Performance Center in Catalunya."