Nike announced Wednesday that it is ending its contract with seven-time Tour de France winner Lance Armstrong because of mounting evidence that he participated in doping.
"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 said in a statement. "Nike does not condone the use of illegal performance enhancing drugs in any manner. Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer."
Armstrong had earlier announced he was stepping down as chairman of the Lance Armstrong Foundation, commonly known as Livestrong, which has raised approximately $500 million for cancer research since its inception.
Nike said it will continue to support the initiatives of Livestrong, a nonprofit cancer organization.
The U.S. Anti-Doping Agency released a report last week detailing allegations of doping by Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005. It contains sworn statements from 26 witnesses, including 11 former teammates.