Lance Armstrong loses Nike and Anheuser-Busch sponsorship and steps down as chairman of charity

Lance Armstrong: Steps down as charity chief

The sportswear giant were quickly followed by brewing group Anheuser-Busch, who announced they would not be renewing their partnership with Armstrong beyond this year, and bicycle manufacturers Trek, who supplied the bikes for his seven Tour de France victories.

The move comes a week after the US Anti-Doping Agency released a lengthy report detailing allegations of widespread performance-enhancing drug use by Armstrong and his teams.

Armstrong had earlier confirmed he is stepping down as chairman of his Livestrong cancer-fighting charity, although Nike and Annheuser-Busch will continue to support the organisation.

"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," read an official statement from the sports goods and leisurewear company.

"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."

The Lance Armstrong Foundation, commonly known as Livestrong, was founded in 1997 and has raised roughly $500m to support cancer patients.

Armstrong, a cancer survivor, will stay on the charity's board.

"This organization, its mission and its supporters are incredibly dear to my heart," he said.

"Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.

"As my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer.

"It has been a great privilege to help grow it from a dream into an organisation that today has served 2.5m people and helped spur a cultural shift in how the world views cancer survivors."