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Lance Armstrong booted from Nike, steps down from Livestrong

Nike has announced a contract termination with Lance Armstrong, just minutes after he announced he was stepping down as chairman of the Livestrong foundation. Armstrong will remain a member of Livestrong's 15-member board; relations with Nike did not end as well.

Nike released a statement claiming  that Armstrong misled the company for years:

"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."

Reports have also said that Armstrong's name will be removed from the Lance Armstrong Fitness Center:

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Nike said it ends its contract with Armstrong "with great sadness" and will continue to support Livestrong.