[h=3]By VANESSA O'CONNELL And REED ALBERGOTTI[/h]
Getty Images
Nike Inc. said it is severing ties with former cycling champ Lance Armstrong, saying insurmountable evidence shows that Mr. Armstrong participated in doping and misled Nike for more than a decade.
The clothing and footwear company, which sponsored Mr. Armstrong and his former cycling team, said Wednesday that it was ending its contract with Mr. Armstrong "with great sadness." It added that it will continue to support Mr. Armstrong's "Livestrong" cancer charity, despite its break with the cyclist.
Mr. Armstrong announced Wednesday that he resigned as chairman of the Lance Armstrong Foundation, his cancer charity. "I am deeply grateful to the people of the foundation who have done such hard and excellent work over the last 15 years, building tangible and effective ways to improve the lives of cancer survivors," he said in a statement.
The Lance Armstrong Foundation has a contract with Nike to license the Livestrong brand for Nike's Livestrong collection of clothing, shoes and other merchandise. A spokeswoman for the foundation says it doesn't have plans to change its name.
The moves follow last week's release of a report by U.S. anti-doping authorities alleging that Mr. Armstrong had doped and provided his former teammates with banned substances, including the blood-booster EPO, during his career as a professional cyclist.
Nike Inc. said it is severing ties with former cycling champ Lance Armstrong, saying insurmountable evidence shows that Mr. Armstrong participated in doping and misled Nike for more than a decade.
The clothing and footwear company, which sponsored Mr. Armstrong and his former cycling team, said Wednesday that it was ending its contract with Mr. Armstrong "with great sadness." It added that it will continue to support Mr. Armstrong's "Livestrong" cancer charity, despite its break with the cyclist.
Mr. Armstrong announced Wednesday that he resigned as chairman of the Lance Armstrong Foundation, his cancer charity. "I am deeply grateful to the people of the foundation who have done such hard and excellent work over the last 15 years, building tangible and effective ways to improve the lives of cancer survivors," he said in a statement.
The Lance Armstrong Foundation has a contract with Nike to license the Livestrong brand for Nike's Livestrong collection of clothing, shoes and other merchandise. A spokeswoman for the foundation says it doesn't have plans to change its name.
The moves follow last week's release of a report by U.S. anti-doping authorities alleging that Mr. Armstrong had doped and provided his former teammates with banned substances, including the blood-booster EPO, during his career as a professional cyclist.