Lance Armstrong stepping down as chairman of Livestrong cancer-fighting charity

Nike severs ties with cyclist

AUSTIN, Texas - Lance Armstrong is stepping down as chairman of his Livestrong cancer-fighting charity, and Nike has severed ties with the former champion cyclist after new evidence in an ongoing doping scandal.

The announcements come a week after the U.S. Anti-Doping Agency released a massive report detailing allegations of widespread performance-enhancing drug use by Armstrong and his teams.

The document included testimony from 11 former teammates. USADA has ordered 14 years of Armstrong's career results erased, including his seven Tour de France titles.

 Nike said Wednesday that it was ending Armstrong's contract "with great sadness" but that it will continue to support the initiatives of Livestrong.

The Lance Armstrong Foundation, commonly known as Livestrong, was founded in 1997 and has raised roughly $500 million to support cancer patients. The group has scheduled its 15th anniversary celebration for this weekend. Armstrong will stay on the charity's board.

Armstrong, a cancer survivor who was treated in Indianapolis, strongly denies doping and says he quit fighting USADA because its hearing process was unfair.

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