Nike has announced it is severing ties with Lance Armstrong, citing 'insurmountable evidence' that the cyclist participated in doping and misled the company for more than a decade.

Nike Inc. did however say it will continue to support the initiatives of Livestrong, a non-profit organization.

Just minutes before the announcement from Nike, Lance Armstrong also announced that he was stepping down as chairman of his Livestrong cancer-fighting charity.

The US Anti-Doping Agency released a report last week detailing allegations of widespread doping by Armstrong and his teams.

41-year-old Armstrong, who overcame life-threatening testicular cancer, retired from cycling a year ago.

He announced in August that he would no longer fight the doping allegations that have dogged him for years.