Lance Armstrong Steps Down as Livestrong Chairman, Loses Nike Contract

A week after the U.S. Anti-Doping Agency released a report detailing allegations of widespread doping by Lance Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005, Armstrong has stepped down as chairman of his Livestrong charity and Nike is ending its contract with him.

In a statement released on Wednesday, Armstrong said he will conclude his chairmanship to "spare the foundation any negative effects as a result of controversy surrounding his cycling career."

"As my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer," Armstrong said in the statement. "It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors."

Armstrong said his duties will transfer to Vice Chairman and founding chairman Jeff Garvey who will now serve as chairman.

"My family and I have devoted our lives to the work of the foundation and that will not change," Armstrong said. "We plan to continue our service to the foundation and the cancer community. We will remain active advocates for cancer survivors and engaged supporters of the fight against cancer."

On the same day, Nike announced that it is ending its contract with the seven-time Tour de France winner.

"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."

LIVESTRONG President and CEO Doug Ulman thanked Lance for his leadership that led to raising close to $500 million to serve people affected by cancer.

"Lance has made this foundation and its cause - aiding people whose lives have been touched by this disease - his life's work," Ulman said. "His leadership in the cancer community has spurred immeasurable progress and it has been a great privilege to work shoulder to shoulder with him on a daily basis during his chairmanship."