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Reigning World Series Formula V8 3.5 teams' champion Arden Motorsport has pulled out of the series for 2017.

The Banbury-based squad has elected not to continue amid a climate where it is increasingly difficult to attract drivers with budgets to compete at that level of single-seater racing.

Arden general manager Julian Rouse told Autosport: "We don't think there's room at the top [rung of the junior ladder] for Formula 2 and Formula V8."

The decision brings an end to a five-year stint in the former Formula Renault 3.5 Series for Arden, which began under the Arden Caterham name in 2012.

Over 2012 and '13, Antonio Felix da Costa scored the first seven of Arden's 16 wins in the category, although it was non-race-winning Red Bull Junior Pierre Gasly who posted the team's best drivers' championship position of second in '14.

Russian talent Egor Orudzhev scored seven wins for Arden in 2015 and '16, combining with two-time winner Aurelien Panis to secure the teams' title last year.

Rouse added: "We told the organisers about two months ago that we wouldn't be doing it, but kept it quiet out of respect for them.

"We've had a good relationship with them over the past few years, and after winning the championship last year it's nice to come out of it on top and look back on it with fond memories."

Arden continues with its F2 (formerly GP2), GP3 Series and British Formula 4 programmes this season, and is also entering the Formula Renault Eurocup for the first time.