17/10/2012 10:37 BST | Updated 17/10/2012 12:31 BST

Nike Terminates Deal With Lance Armstrong After Being 'Misled For More Than A Decade'

Lance Armstrong has been dropped by global sportswear giant Nike after they decided there was "insurmountable evidence that he participated in doping and misled Nike for more than a decade".

The sponsor insisted they would stand by Armstrong last week, but said in a statement: "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.

"Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer."

Nike has sponsored Armstrong's Livestrong brand

Nike has sponsored the Livestrong brand which Armstrong has spearheaded during and after his cycling career.

Earlier on Wednesday Armstrong announced he would be stepping down as Livestrong's chairman in a bid to limit the damage to the foundation.