The team, which joined the series in 2007 with Mygale chassis, had planned to switch to Dallara cars this year but today announced that it would not be running in F3 in 2009.
Team boss Barry Walsh cited the poor financial climate as the main reason and says he wants to concentrate his efforts on Ultimate's Formula Renault 3.5 campaign with Miguel Molina and Greg Mansell.
"This was an extremely difficult decision but with the current state of the world economic climate, every company has to cut their cloth accordingly," said Walsh.
"Our World Series team has been setting the pace in pre season testing and with Miguel Molina and Greg Mansell we have a good shot at both the teams' and drivers' titles, so this is where our focus for 2009 must lie.
Ultimate scored the first F3 victories for the Mygale chassis when Michael Devaney took both wins at Snetterton last year.
"We are all extremely proud of what we achieved in just two seasons of British F3 and we certainly don't rule out a return to the category in the future.
"Looking to the future, we are also planning to contest the Formula Renault Eurocup from 2010 to run alongside our World Series team. Ultimate will continue to provide aspiring young drivers with a clear motorsport ladder from karting right up to the ultimate goal of Formula 1."
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