One of the biggest supporters of Lance Armstrong's cycling career has decided to cut ties with him.
Nike announced on Wednesday that they will terminate their contract with the embattled cyclist. Armstrong had been with Nike since 1996.
Nike said in a 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."
Armstrong becomes the second athlete to be dumped by Nike, the first being Philadelphia Eagles quarterback Michael Vick, then of the Atlanta Falcons, after his role in a dog fighting ring that got him sent to prison. Nike has since re-signed Vick to a new contract in 2011.
The announcement of the Nike drop comes on the same day that Armstrong announced that he will step down as chairman of Livestrong, a foundation built to combat cancer. Armstrong stepped down as chairman so that the foundation can focus on its mission rather than the allegations against Armstrong.
Nike will also change the name of the Lance Armstrong Fitness Center located at the company's headquarters in Beaverton, Oregon.