Born in San Sebastián, Gipuzkoa, Ugarte was brought up in local giants Real Sociedad's youth system, but only appeared once for the first team during his two-year spell as a senior.
In the following years, Ugarte played with Segunda División B sides Real Unión and Barakaldo, also in his native region.
[3] In early 2004, after an unsuccessful trial at Wycombe Wanderers,[4] he moved to Dorchester Town until he was acquired by Wrexham, scoring his first goal for the latter in the Football League Trophy quarter-final tie against local rivals Chester City; he finished the year as that competition's top scorer, notably netting in the final against Southend United (2–0).
[5] Ugarte scored regularly during his time with the Welsh club, but this was not enough to avoid relegation to Football League Two after it had suffered a ten-point deduction for entering administration.
Despite his condition, the Dragons re-signed him in November 2006, but he only made three official appearances over two seasons, retiring at the age of 27.