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Fraud ... Armstrong has stepped down as chairman of his Livestrong Foundation. Source:AP
UPDATE: Nike is severing ties with Lance Armstrong, citing insurmountable evidence the cyclist participated in doping and misled the company for more than a decade.
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The clothing and footwear company said on Wednesday it was ending Armstrong's contract "with great sadness''.
"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,'' the company said in a brief statement.
Nike said it would continue to support the initiatives of Livestrong, Armstrong's cancer charity.
Lance Armstrong says he is stepping down as chairman of his Livestrong cancer-fighting charity so the group can focus on its mission instead of the doping allegations surrounding the former cycling champion.
Armstrong decision to step down came a week after the US Anti-Doping Agency released a massive report detailing accusations of widespread doping by Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005.
The document's purpose was to show why USADA has banned him from cycling for life and ordered 14 years of his career results erased - including those Tour titles.
It contains sworn statements from 26 witnesses, including 11 former teammates.
Armstrong, who was not paid a salary as chairman of the Lance Armstrong Foundation, will remain on its 15-member board.
His duties leading the board will be turned over to vice-chairman Jeff Garvey, who was founding chairman in 1997.
"This organisation, its mission and its supporters are incredibly dear to my heart,'' Armstrong said in a statement.
"Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.''
Foundation spokeswoman Katherine McLane said the decision turns over the foundation's big-picture strategic planning to Garvey.
Armstrong strongly denies doping, but did not fight USADA accusations through arbitration, saying he thinks the process is unfair.
Armstrong's inspiring story of not only recovering from testicular cancer that had spread to his lungs and brain but then winning the world's best-known bike race helped his foundation grow from a small operation in Texas into one of the most popular charities in the country.
Armstrong drew legions of fans - and donations - and insisted he was drug free at a time when doping was rampant in professional cycling.
In 2004, the foundation introduced the yellow "Livestrong'' bracelets, selling more than 80 million and creating a global symbol for cancer awareness and survivorship.
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"As my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer. It has been a great privilege to help grow it from a dream into an organisation that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors,'' Armstrong said.
As chairman, Armstrong did not run the foundation's day-to-day operations, which are handled by Livestrong president and chief executive Doug Ulman.
Armstrong's statement said he will remain a visible advocate for cancer issues, and he is expected to speak at Friday night's 15th anniversary gala for Livestrong in Austin.
"My family and I have devoted our lives to the work of the foundation and that will not change. 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,'' Armstrong said.
The foundation reported a spike in contributions in late August in the days immediately after Armstrong announced he would no longer fight doping charges and officials moved to erase his Tour victories.
Daniel Borochoff of CharityWatch said last week it may take some time for donors to digest the allegations against Armstrong.
"Individuals that admire and support an individual who is later found out to be severely tarnished, don't want to admit it, don't want to admit that they've been duped,'' Borochoff said.
"People, though, do need to trust a charity to be able to support it.''
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