Trek Bicycle severs ties with Lance Armstrong

Armstrong stepping down as Livestrong chairman

Published On: Oct 17 2012 05:45:03 PM CDT   Updated On: Oct 17 2012 09:05:33 PM CDT
WATERLOO, Wis. -

Trek Bicycle is severing ties with famed cyclist Lance Armstrong, citing the findings and conclusions in the U.S. Anti-Doping Agency report detailing allegations of widespread doping by Armstrong.

In a statement, the Waterloo-based Trek Bicycle said it was "disappointed" by the findings and conclusions of the report.

"Given the determinations of the report, Trek today is terminating our long-term relationship with Lance Armstrong. Trek will continue to support the Livestrong Foundation and its efforts to combat cancer," the company said in a statement released Wednesday.

Armstrong is stepping down as chairman of his Livestrong cancer-fighting charity to it can focus on its mission instead of its founder's problems.

Armstrong's announcement came minutes before Nike Inc., announced it is terminating its personal contract with him.

Nike said it a statement that Armstrong had "misled" the company for a decade about doping. The company said it would continue to support Armstrong's foundation.

The U.S. Anti-Doping Agency released a massive report last week detailing allegations of widespread doping by Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005.