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Lance Armstrong Booted from Nike Steps Down from Livestrong

10/17/2012 5:57 AM PDT

Lance Armstrong -- Booted from Nike, Steps Down from Livestrong

Breaking News

Nike has ended its contract with Lance Armstrong -- claiming the athlete "misled" the company amid allegations of doping.

"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 says.

Armstrong also announced he will step down as chairman of the Livestrong cancer-fighting charity as of this morning. Nike says they will continue to support the organization.

"To spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship," Armstrong says in a statement.

The move comes a week after the U.S. Anti-Doping Agency released a report detailing Armstrong's direct involvement in what it called "the most sophisticated, professionalized and successful doping program that sport has ever seen."

As we previously reported, Lance has been banned from cycling for life ... but he still denies any wrongdoing.

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