Lance Armstrong Resigns as Livestrong's Chairman and Is Dropped by Nike

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Lance Armstrong's roles as the chairman of Livestrong, which is a cancer foundation, and the icon of Nike came to an end. The famous bike racing athlete declared that he quit his position as the chairman of Livestrong on Wednesday, October 17. Nike also clarified that it wouldn't give any sponsorship to the famous athlete anymore.

Armstrong stated on Livestrong's official site, "This organization, its mission and its supporters are incredibly dear to my heart... I have had the great honor of serving as this foundation's chairman for the last five years and its mission and success are my top priorities." He continued, "Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship."

He will be replaced by Vice Chairman Jeff Garvey. About Garvey, Amstrong commented, "Jeff's guidance and wisdom have been critical to shaping the foundation's work since its earliest days. Jeff was this organization's founding chairman and I have full confidence that under his leadership, the foundation will continue expanding its ability to serve cancer survivors."

Meanwhile, Nike stated on its official website, "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." It said further, "Nike does not condone the use of illegal performance enhancing drugs in any manner."

On Tuesday, October 16, the sports equipment company called Armstrong's longtime representative Bill Stapleton, telling him that they dropped their agreement with the 41-year-old biker which was worth millions of dollars. It didn't give any room for negotiation. "We were Nike family," Stapleton said.

Armstrong has experienced several breakdowns with sponsors lately as the effect of his Tour de France winning teams doping scandal, which was alleged by the United States Anti-Doping Agency. Anheuser-Bush stated that it wouldn't continue its sponsorship with the famous Texas-born biker. According to a source, RadioShack also cut its contract of personal services with the athlete.

Among others, which dropped their sponsorship of him, were Giro, Trek, Honey Stinger, and FRS. 24 Hour Fitness also stated, "Given the evidence surrounding Lance Armstrong's alleged actions, we have determined that our business relationship with Armstrong no longer aligns with our company's mission and values." A sunglasses production, Oakley, would review its collaboration with the star who played a cameo in "You, Me and Dupree".

In June, Armstrong was officially charged by the United States Anti-Doping Agency with doping and trafficking of drugs, according to 2009 and 2010 blood samples. Some cyclists also testified against the biker but he denied it. He then decided not to challenge the organization's charges. According to WADA Code, his failure to dispute the charges made him lose all awards, prizes, as well as his Tour titles given to him after August 1, 1998. He is also not allowed to participate in any sports that use the World Anti-Doping Code.