For years Lance Armstrong was seen as a man who could defy the odds.
He beat cancer multiple times; he won seven Tour de France titles. He started a foundation that raised millions around the world for cancer research. But then it all came crashing down.
Following the release of a damning report by the U.S. Anti-Doping Agency, Armstrong said on Wednesday he will step down as chairman of his Livestrong charity. The foundation has raised over $500 million since it was founded in 1997.
The embattled cyclist said that stepping down would allow the foundation to focus on fighting cancer and raising awareness rather than on Armstrong's drug accusations.
Making matters even worse, Nike has decided to end its endorsement deal with Armstrong according to ESPN's Darren Rovell. The company was one of Armstrong's biggest supporters.
"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 said, in a statement, according to ESPN.com. "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."
The article also reports that a source said that the company would change the name of a center named for Armstrong.
"A source told ESPN that Nike, the world's largest shoe and apparel company, will also change the name of the Lance Armstrong Fitness Center building named after Armstrong at Nike headquarters in Beaverton, Ore."
"It is believed that Armstrong is now the second athlete that has ever been terminated by Nike. Nike terminated its contract with quarterback Michael Vick in 2007 following his plea agreement on dogfighting charges, but re-signed him in 2011. Endorsement contracts typically have morals clauses that allow companies to sever their deals with cause."
The USADA report was released after Armstrong decided to drop his case fighting the charges by the agency of doping and trafficking of drugs. The group banned him from cycling and stripped him of his race titles.
The report detailed many instances of Armstrong doping and using other substances to help hide it. It also states ways Armstrong was delivered drugs while participating in races and detailed stories from teammates about being forced to help continue and cover up the doping.
"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."
Although Armstrong has denied doping throughout his career, there has testimony from 11 former teammates and reports that show otherwise.
His organization has helped many around the world and as chairman he helped raise millions and bring cancer awareness to the forefront. While serving as chairman Armstrong did not receive a salary.
"As my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer. It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors," Armstrong said.
According to ESPN.com:
"Livestrong says it had functional expenses totaling nearly $35.8 million last year and 82 percent of every dollar raised went directly to programs, a total of more than $29.3 million. The foundation reported a spike in contributions in late August in the days immediately after Armstrong announced he would no longer fight doping charges and officials moved to erase his Tour victories."
The foundation was very successful with its Livestrong bracelet campaign, which has brought in more than $300 million around the world.
Even though Armstrong will forever be linked to the doping scandal, it does not mean it's the end of the foundation. His stepping down is just the first move in helping to keep it going strong. While it seems as if he did dope through his career, that does not change Armstrong's battle with cancer and all the good things the Livestrong foundation has done.
"Individuals that admire and support an individual who is later found out to be severely tarnished, don't want to admit it, don't want to admit that they've been duped," said Daniel Borochoff, founder and president of Chicago-based CharityWatch. "People, though, do need to trust a charity to be able to support it."
