Nike Terminates Contract With Controversial American Cyclist

By Nina Settappa

October 17, 2012 Updated Oct 17, 2012 at 12:13 PM EDT

UNDATED (www.incnow.tv) - It's been a rough morning for Lance Armstrong. Armstrong decided to step down as chairman of his Livestrong cancer charity and now Nike officials terminate their contract with him.

Nike released a statement at 8:22 a.m. this morning saying due to the overwhelming evidence and the misleading actions of Lance Armstrong they decided to sever the ties.

The statement on Nike's website reads, "Nike does not condone the use of illegal performance enhancing drugs in any manner."

Lance Armstrong still denies doping.

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