Breaking from Nike:

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 does not condone the use of illegal performance enhancing drugs in any manner.

Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.

Also this morning Armstrong stepped down as chairman of the Livestrong charity.

The star cyclist could lose at least $50 million over the next 5 years in deals with Nike and others companies, according to projections by Forbes' Patrick Rische.

Last week the US Anti-Doping Agency (USADA) released a mountain of evidence of doping by Armstrong and teammates.

Nike stuck with Armstrong until the end. Back in August a Nike spokesman defended him: "Lance has stated his innocence and has been unwavering on this position. Nike plans to continue to support Lance and the Lance Armstrong Foundation, a foundation that Lance created to serve cancer survivors."

Now see how Armstrong's team "ran the most sophisticated doping program ever" >