One Pro Cycling will compete at Continental level next season, after spending 2016 racing on the Pro Continental circuit.
The news comes as a result of a funding shortfall caused by the the withdrawal of British bike manufacturer Factor. The frame builder will instead supply WorldTour squad Ag2r La Mondiale.
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The 2017 season will be the One Pro Cycling’s third, but this news will be a setback to the its long term ambition of competing on the WorldTour.
“It has been a very tough decision to make and has not been taken lightly,” said team CEO Matt Prior.
“Unfortunately, things have changed at the last minute but that is the nature of sport, business and life. All we can do now is look forward to what will hopefully be another successful year of racing,” he continued.
The team reported that it has a new bike partner on board for the next three seasons but is yet to reveal further details.
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The former England cricketer remained clear in his ambitions for the team, and expects to be back up to Pro-Continental level for the 2018 season.
“The One Pro Cycling management team are more motivated than ever to keep moving forward and take this team back up to Pro Continental and beyond in 2018,” he said, later adding: “The aims, goals and ambitions have not changed and we are all driven to one day see this team racing in the Tour de France.”