(Photo: Charles Platiau / Reuters)
Lance Armstrong’s long-time sponsor Nike Inc. said Wednesday that it was terminating its contract with the cyclist after “insurmountable evidence” that he took performance enhancing drugs.
The news came the same day that Armstrong announced he is stepping down as chairman of Livestrong Foundation, the cancer-fighting organization he founded, so that the group can focus on its mission instead of the doping allegations leveled at Armstrong.
"To spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship," Armstrong said in a statement.
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