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Lance Armstrong Suffers Flat Tire: Nike Cancels Contract

NEW YORK ( TheStreet) -- Just two months after backing Lance Armstrong amid doping scandals, Nike (NKE - Get Report) has dropped a bombshell and cut loose the embattled cyclist, ending its contract with him.

"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," Nike said in a statement obtained by Bloomberg. "Nike does not condone the use of illegal performance enhancing drugs in any manner."

This comes just two months after Nike released a statement, saying it was going to continue backing him, amid the allegations.

Separately, Armstrong will step down as chairman of Livestrong, as U.S. anti-doping officials stripped him of his titles, and he is banned from cycling.

Not only is Nike ending its contract with the controversial cycling legend, it's removing any mention of Armstrong, and cutting all ties. ESPN reporter Darren Rovell tweeted Nike is removing Armstrong's name from Nike's fitness center.

Nike, known for standing by its athletes amid times of turmoil, has only turned away one other athlete besides Armstrong. Nike ended its deal with Michael Vick when the quarterback was sentenced to jail on dog-fighting charges. Vick later resigned with Nike in 2011.

Nike was one of the few sponsors to stand by golfer Tiger Woods amid the infidelity scandal that later ended his marriage.

Interested in more on Nike? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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