Lance Armstrong (Courtesy: Getty Images)
On the heels of Lance Armstrong stepping down from his position as chairman of Livestrong, Nike is severing ties with the former cycling champion.
Story: Armstrong stepping down as Livestrong chairman
Nike released the following statement:
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. Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.
The Lance Armstrong Foundation, commonly known as Livestrong, was founded in 1997 and has raised roughly $500 million to support cancer patients. The group has scheduled its 15th anniversary celebration for this weekend.