Lance Armstrong's sponsorship was cut by Nike.

On the evening of October 17th, seven-time Tour de France champion Lance Armstrong announced his resignation as president of Livestrong, the charity he founded to help cancer patients.

At the same time, Nike – one of Lance Armstrong's main sponsors – terminated its sponsorship contract despite having previously declared its support for him.

Lance Armstrong - Photo: Getty Images

Lance Armstrong resigned as chairman because he wanted the foundation to focus on its current work without being distracted by the troubles he was facing. The Lance Armstrong Foundation was established in 1997, a year after Armstrong was diagnosed with cancer. To date, the foundation has raised $500 million to help cancer patients.

In his farewell statement, Lance Armstrong said that he and his family "have dedicated their lives to the work of the foundation and that will not change."

As Armstrong faced the risk of losing everything following the 1,000-page report from the US Anti-Doping Agency, Nike – his main sponsor for over a decade – announced the termination of their contract, adding, "Nike does not tolerate any form of doping."

The Lance Armstrong Foundation said Armstrong will remain on its board of directors.

According to Tuoitre - DT