Armstrong Loses Sponsorships, Steps Down As Livestrong Chairman

Nike, Trek Bicycles, RadioShack and Giro have terminated their contracts with Lance Armstrong as the fall-out continues from the U.S. Anti-Doping Agency’s case against the Texan. Anheuser-Busch also announced that it would not renew its contract with the embattled former world champion at the end of 2012, Velonews.com reports.

“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 Wednesday. “Nike does not condone the use of illegal performance enhancing drugs in any manner.”

Nike will continue working with the Livestrong Foundation. The foundation’s yellow and black-themed product range is a top seller for Nike.

“Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer,” read the statement.

Armstrong on Wednesday announced that he would step down as chairman of the Livestrong Foundation.

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