Lance Armstrong stepped down from his head position at Livestrong on Wednesday morning, just a week after the United States Anti-Doping Agency released a damaging 1,000-page report detailing why it stripped the cyclist and cancer survivor of his seven Tour de France victories.

Lance released the following statement in a statement obtained by The Associated Press:

“This organization, its mission and its supporters are incredibly dear to my heart.”  “Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.”

Unfortunately for Lance, that was not the end of bad news for the week.  Nike also has now severed its ties with Lance Armstrong.  Nike released a statement which explains the split with Armstrong:

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.

[NY Daily News]