Nike Ends Contract with Lance Armstrong

NEW YORK (WIFR) -- Lance Armstrong is stepping down as chairman of his Livestrong cancer-fighting charity so it can focus on its mission instead of its founder's problems.

Armstrong's announcement came minutes before Nike Inc., announced it is terminating its personal contract with him.

Nike said in a statement that Armstrong had "misled" the company for a decade about doping. The clothing and footwear company also said Wednesday that it was ending Armstrong's contract "with great sadness." The company said it would continue to support Armstrong's foundation.

The U.S. Anti-Doping Agency released a massive report last week detailing allegations of widespread doping by Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005.

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