The Associate Press is reporting that seven-time Tour de France winner Lance Armstrong will drop his fight against allegations of doping by US Anti Doping Agency (USADA).

From the AP:

The decision sets up a likely lifetime ban from the sport and the possibility that Armstrong will be stripped of his signature achievement – the extraordinary run of Tour titles he won from 1999-2005.

Armstrong, who retired last year, declined to enter arbitration – his last option – because he said he was weary of fighting accusations that have dogged him for years. He has consistently pointed to the hundreds of drug tests that he has passed as proof of his innocence.

“There comes a point in every man’s life when he has to say, “Enough is enough.” For me, that time is now,” Armstrong said in a statement sent to The Associated Press. He called the USADA investigation an “unconstitutional witch hunt.”

USADA will almost certainly treat Armstrong’s decision as an admission of guilt, and hang the label of drug cheat on an athlete who was a hero to thousands for overcoming life-threatening testicular cancer and for his foundation’s support for cancer research.

Read the entire report here.

What does this mean for the former golden boy of cycling? Armstrong’s foundation, LiveStrong, has already been affected by the USADA’s charges. These recent events probably won’t help the cause much.

I for one am a little saddened by this news, but not surprised. And I’m guessing American’s will now care even less about cycling.