Lance Armstrong dropped by Nike, resigns from Livestrong

Lance Armstrong will step down as chairman of his Livestrong charity and Nike has dropped him as an endorser, according to reports.

Armstrong announced the decision to step down as chairman Wednesday. Armstrong will still be a member on the board.

"This organization, its mission and its supporters are incredibly dear to my heart," Armstrong said in a statement obtained by The Associated Press. "Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship."

Nike released a statement Wednesday regarding Armstrong:

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.

Last week the U.S. Anti-Doping Agency released a extensive report on doping allegations against Armstrong and many of his teammates during the late 1990s and early 2000s. The purpose of the report, which contains sworn statements from witnesses and teammates, "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."

This story originally appeared at SB Nation.