Nike terminates Lance Armstrong contract

Nike has dropped Lance Armstrong as an endorser. The company said "insurmountable evidence that Lance Armstrong participated in doping" and that he misled them for more than a decade led to the termination.

Armstrong has also stepped down from from his Livestrong cancer charity.

Wow. All these sports heroes keep on falling. And they fall hard.

From Nike:

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.

From CNN:

Controversial American cyclist Lance Armstrong is stepping down as chairman of his Livestrong charity, which was set up to "fight to improve the lives of people affected by cancer."

The move comes a week after the U.S. Anti-Doping Agency said it had uncovered overwhelming evidence of Armstrong's involvement in a sophisticated doping program while a professional cyclist.