CCC can no longer honour its commitment to the team through 2021 due to its financial situation brought about by the COVID-19 crisis.
The team had already reduced salaries and laid off a number of staff, the announcement overnight confirming what was widely expected.
“Looking ahead to the 2021 season, CCC will no longer be the title sponsor so we are now actively looking for a new title sponsor," Ochowicz said in the team statement.
"We are in an unprecedented time but we are confident there are companies that want to invest in cycling, especially given the global rise in popularity of bike riding in recent months.
CCC signed on with the team in 2019 when Ochowicz was again under pressure to find another sponsor after bike manufacturer BMC ended its 10-year commitment with the team's licensee Continuum Sports.
In the statement, Ochowicz understandably said he is trying to focus on the upcoming season, delayed as it is, and is hopeful of securing a sponsor for 2021.
“Our first priority is returning to the start line and achieving the season goals we set out in December," he said.
"We are more motivated than ever to achieve the key wins we outlined for 2020; a Monument win, a WorldTour one day win, a WorldTour stage race win, and a stage victory at each of the three Grand Tours."
"Every race day is an opportunity for our riders and it is clear that strong performances in the early races are going to be instrumental in securing the team’s long term future.
"At this stage, we will be covering the full WorldTour schedule with some additional one day and stage races."
"Under the Continuum Sports ownership and license, we have grown from a US Continental Team in 2007 to one of the biggest WorldTour teams in the peloton in recent years and we have every intention of continuing under new title sponsorship.”