Lance Armstrong (Getty Images)
(CNN) -- Nike has just released a statement saying they have terminated their contract with Lance Armstrong for misleading them for more than a decade.
"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," the statement on Nike's website reads. "Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.
[Posted at 8:12 a.m. ET] 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.
Armstrong found out he had testicular cancer at age 25 when he was emerging as a rising star among cyclists. He started a small group to raise money for cancer called the Lance Armstrong Foundation in 1997. 84 million bright yellow Livestrong wristbands have been distributed since 2004.
In the wake of the doping scandal critics have struck out the "V" in the bracelet to make it read what they accuse Armstrong of doing for more than a decade: "LIE STRONG."