Lance Armstrong steps down as Chairman of Livestrong; Nike drops Lance Armstrong endorsement deal

The fallout from the Lance Armstrong scandal is gong to be epic.

Reports this morning are indicating that the founder, creator and Chairman of Livestrong, will step down. After 11 fellow cyclists confirmed that Lance did participate in illegal steroid use during his time as a professional cyclists, Lance is now facing the hard facts.

Armstrong, a cancer survivor, created Livestrong and immediately raised millions of dollars for cancer research when his yellow arm bands began selling for $1. Since 1997, Livestrong has raised more than $84 million for cancer research.

Nike also confirmed this morning that they are severing their more than 10-year relationship with Lance. “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,” the statement on Nike’s website reads. “Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.

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