Editor's note: Controversial American cyclist Lance Armstrong is stepping down as chairman from his Livestrong cancer charity. The announcement comes a week after the U.S. Anti-Doping Agency said it had uncovered overwhelming evidence of Armstrong's involvement in a sophisticated doping program. For more information read our full story here.
[Updated at 3:01 p.m. ET] Lance Armstrong is about to lose another sponsorship.
The controversial cyclist will lose his contract with Anheuser-Busch, the brewer of Budweiser, at the end of the year.
"We have decided not to renew our relationship with Lance Armstrong when our current contract expires at the end of 2012," Paul Chibe, Vice President of U.S. Marketing, Anheuser-Busch said in astatement. "We will continue to support the Livestrong Foundation and its cycling and running events."
[Updated at 12:18 p.m. ET] Nike will take Lance Armstrong’s name off their Nike campus fitness center in Beaverton, Oregon, spokeswoman Mary Remuzz tells CNN.
[Updated at 9:26 a.m. ET] While Lance Armstrong is stepping down as chairman of his charity he is remaining positive about his continued involvement with regard to helping those with cancer.
"My family and I have devoted our lives to the work of the foundation and that will not change," Armstrong said. "We plan to continue our service to the foundation and the cancer community. We will remain active advocates for cancer survivors and engaged supporters of the fight against cancer. And we look forward to an exciting weekend of activities marking the 15th anniversary of the foundation's creation."
Armstrong will continue to help without the backing of his partners at Nike. Fifteen days ago he posted on his Facebook page:
"Had a great coupla days in Portland working with my great partners Nike. Awesome to see the show of support on livestrongday. 16 yrs!" he wrote. "Headed back 2 Austin now 2 celebrate with family/friends. There were days I never thought I'd see 2012. Blessed to be this side of the grass."
As of this update, the status had 10,911 "likes." Armstrong's most recent tweet, from five days ago, praised the work of Livestrong.
[Updated at 8:52 a.m. ET] Lance Armstrong's commitment to helping others with cancer has been a big reason the Livestrong was able to raise so much money over the years, Doug Ulman, President and CEO of the charity said in a statement.
"Long before he became a household name, Lance Armstrong created a foundation to serve others facing the same fears and challenges he struggled to overcome as a result of his cancer diagnosis. Today, thanks to Lance's leadership, that foundation has had the privilege of raising close to $500 million to serve people affected by cancer.
Lance has made this foundation and its cause - aiding people whose lives have been touched by this disease - his life's work. His leadership in the cancer community has spurred immeasurable progress and it has been a great privilege to work shoulder to shoulder with him on a daily basis during his chairmanship.
We are grateful to Jeff Garvey for assuming the responsibilities of chairman. Jeff has been a guiding presence for Livestrong for 15 years and we look forward to a seamless transition under his leadership and a continued strong focus on our core values and mission.
Lance's devotion to serving others whose lives were irrevocably changed by cancer, as his was, is unsurpassable. We are incredibly proud of his record as an advocate and philanthropist and are deeply grateful that Lance and his family will continue to be actively involved with the Foundation's advocacy and service work. We look forward to celebrating 15 years of progress with Lance and his family this weekend and recommitting ourselves to the work of the cancer community for the years ahead."
[Updated at 8:47 a.m. ET] Lance Armstrong is stepping down as chairman of the Livestrong charity "to spare the foundation any negative effects as a result of controversy surrounding my cycling career," according to a statement posted to the group's website.
Armstrong added that he will still devote his life to the work of the foundation and remain advocates for cancer survivors.
The controversial cyclist's full statement was posted on the Livestrong website:
"In 1996, as my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer. It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors. This organization, its mission and its supporters are incredibly dear to my heart.
I am deeply grateful to the people of the foundation who have done such hard and excellent work over the last 15 years, building tangible and effective ways to improve the lives of cancer survivors. And I am deeply humbled by the support our foundation has received from so many people throughout the world - survivors, world leaders, business leaders and of course, the cancer community itself. We turn to this community frequently for guidance and collaboration to achieve our shared goals. They are unfailingly generous with their wisdom and counsel and I can never thank them enough.
I have had the great honor 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.
My duties will transfer to Vice Chairman Jeff Garvey who will serve as chairman. Jeff's guidance and wisdom have been critical to shaping the foundation's work since its earliest days. Jeff was this organization's founding chairman and I have full confidence that under his leadership, the foundation will continue expanding its ability to serve cancer survivors.
My family and I have devoted our lives to the work of the foundation and that will not change. We plan to continue our service to the foundation and the cancer community. We will remain active advocates for cancer survivors and engaged supporters of the fight against cancer. And we look forward to an exciting weekend of activities marking the 15th anniversary of the foundation's creation."
[Updated at 8:22 a.m. ET] Nike has just released a statement saying they have terminated their contract with Lance Armstrong for misleading them for more than a decade.
"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," the statement on Nike's website reads. "Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.
[Posted at 8:12 a.m. ET] Controversial American cyclist Lance Armstrong is stepping down as chairman of his Livestrong charity, which was set up to "fight to improve the lives of people affected by cancer."
The move comes a week after the U.S. Anti-Doping Agency said it had uncovered overwhelming evidence of Armstrong's involvement in a sophisticated doping program while a professional cyclist.
Armstrong found out he had testicular cancer at age 25 when he was emerging as a rising star among cyclists. He started a small group to raise money for cancer called the Lance Armstrong Foundation in 1997. 84 million bright yellow Livestrong wristbands have been distributed since 2004.
In the wake of the doping scandal critics have struck out the "V" in the bracelet to make it read what they accuse Armstrong of doing for more than a decade: "LIE STRONG."
Read more about the scandal involving Armstrong here: