Lance Armstrong Nike Contract Ends, Steps Down from Livestrong Over Doping Scandal

Lance Armstrong was dropped by Nike Wednesday at the same time he announced he is stepping down as chairman of the Livestrong cancer foundation over the doping scandal surrounding his cycling career.

Armstrong released a statement on the foundation's website today. He said Vice Chairman Jeff Garvey will replace him and he will continue to serve the foundation and the cancer community.

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"I have had the great honor of serving as this foundation's chairman for the last five years and its mission and success are my top priorities. Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship," he said.

Also today, Nike Inc. announced it terminated it's contract with Armstrong.

"Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him. Nike does not condone the use of illegal performance enhancing drugs in any manner," a statement from Nike said.

The company did not cut relations with the Livestrong initiative and will continue supporting it.

The U.S. Anti-Doping Agency is accusing Armstrong of taking part in a doping scheme that helped him achieve his athletic success. The scandal will cost him his seven Tour de France titles and probably his Olympic bronze medal he won in 2000 in addition to event titles and cash earnings.

Armstrong denies the accusations but in late August he said he will not fight the charges against him.

The USADA claims that Armstrong used banned substances as far back as 1996, including EPO a blood-booster and steroids, as well as blood transfusions.

The agency also said it had testimonies from Armstrong's teammates including Floyd Landis and Tyler Hamilton who had admitted to doping.