Nike Ends Contract with Lance Armstrong

(CNN) — The Livestrong Foundation says Lance Armstrong is stepping down as its chairman.

Armstrong founded the cancer charity in 1997 after recovering from the disease.

His resignation comes a week after the US Anti-Doping Agency said it has overwhelming evidence of his involvement in a doping program. Armstrong has consistently denied the claims.

According to a statement on the group’s website, he said his decision was made to “spare the foundation any negative effects as a result of controversy surrounding my cycling career.”

The move also comes the same day that Nike, a key Armstrong sponsor, announced it was ending its contract with him.

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