Oct 17, 2012 at 01:05 PM
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Nike Terminates Lance Armstrong Relationship

Nike this morning released this 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."

Also today, Armstrong will be stepping down as Chairman of the Livestrong Foundation aiming to "spare the foundation any negative effects as a result of controversy surrounding [his] cycling career."

Meanwhile, the announcement by Nike comes less than a week after Nike reaffirmed its support of Lance Armstrong. In the days since, the world's largest athletic apparel company has faced mounting pressure to distance itself from the 7-time Tour de France champion and Livestrong founder.

ESPN's Darren Rovell reports that this is only the second time that Nike has terminated an athlete contract, with Michael Vick being the other. More info as it becomes available.