"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," the company said in a brief statement.
Armstrong was stripped of all seven of his Tour de France titles in August after he declared “enough is enough” and stopped trying to disprove the drug charges.
Now he sees himself deprived of the right to help Nike sell its good and has also accepted that the controversy might “distract” his Livestrong foundation from helping people with cancer.
"I have had the great honour of serving as this foundation's chairman for the last five years and its mission and success are my top priorities. Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship," he said in a statement on the foundation's website.