Armstrong Quits Livestrong, Contract with Nike Ended

Lance Armstrong, the seven-time Tour de France champion, has announced that he has stepped down as chairman for his Livestrong Foundation amid speculations that the doping controversy is affecting the foundation’s work.

Armstrong said he is resigning to spare the foundation further negative effects brought upon by the doping scandal he is facing. The US Anti-Doping Agency imposed a life ban on Armstrong after it ruled that he used drugs to win Tour de France races.

Armstrong was also stripped of all his titles.

In a double whammy, Nike also announced that it has ended its long-standing contract with the famed cyclist. Nike, however, said it would continue to support the works of Livestrong, the charity foundation helping people who are stricken with cancer.

Armstrong was a survivor of testicular cancer.

Nike said the evidence against Armstrong has forced them to reconsider his contract, which has been in effect for more than 10 years. The company reiterated that Nike will not and does not condone the use of illegal drugs.

Armstrong is believed to have received as much as $40 million for his Nike endorsement.

Nike is not the only endorsement deal that has been rescinded. Trek, the company that provided bikes for Armstrong, has also ended its contract with Armstrong. FRS, the energy drink company, said that it would no longer feature Armstrong in new marketing and advertising campaigns.

Armstrong has always denied doping and always said that he has never failed any drug test.