Koiranen GP has announced its exit from the GP3 Series, after four years of competing in the sport.

The Spanish-based outfit wasn’t included on the latest entry list for the 2017 GP3 season, after failing to find drivers with sufficient budget.

Despite starting 2016 with four drivers, the team only ran two cars in the final two rounds due to their drivers not been able to find sponsors.

Ralph Boschung, who won his maiden GP3 race in Austria last year with the Finnish-owned team, has since earned promotion to Formula 2 with Campos Racing.

Matevos Isaakyan, who also drove for the team last year, has committed to a full campaign in the World Series Formula V8 3.5 championship while his 2016 team-mate Matt Parry will make his Blancpain GT Series Endurance Cup debut later this month.

Koiranen, who won nine races in their four years in the sport, will now fully concentrate on the SMP and Spanish Formula 4 championships, which they organise.

Their exit reduces the GP3 field to just six teams and with just over a month till the season opener in Spain, the sport is set for it’s smallest ever grid.