Josh Hill, the son of 1996 champion Damon and grandson of two-time title winner Graham, has elected to give up on the dream of becoming the third generation of the family to race in F1 after announcing his retirement from racing.

The 22-year-old, who was competing in the FIA Formula 3 European Championship this season, revealed that he had taken the decision because of a desire to pursue interests outside the sport.

Hill has previously competed in Ginetta Juniors before moving into single-seaters in Formula Ford and Formula Renault before graduating into F3.

His best result to date this season had been second at Hockenheim, leaving him tenth in the championship standings.

"Coming from the Hill family it was inevitable that I would be drawn to racing," he was quoted by Reuters. "I have learned an enormous amount and really enjoyed the experience, but I do not want to compete unless I am 100 per cent devoted.

"As I now have ambitions in other fields I feel it is the right move to withdraw from racing."

Hill Sr, now working with Sky Sports as part of its F1 coverage team, said he backed his son's decision.

"Being born into a racing dynasty is not something many of us can easily relate to," he said. "It is entirely understandable if Josh has to find out if racing is his main calling or not.

"So it is with some sadness that we make this announcement. I'm sure there will be many disappointed 'Hill' fans out there but we hope they will be understanding.

"It is sometimes braver to stop than to carry on. He has my total support as always."