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UNITED STATES – This hasn't been a good day for Lance Armstrong. Nike says it is ending ties with the famed cyclist, citing the US Anti-Doping Agency report released last week, which detailed allegations of widespread doping by Armstrong.

At the same time, Armstrong announced that he is stepping down as chairman of his Livestrong cancer-fighting charity. He says he wants to allow the charity to focus on its mission instead of its founder's problems.

In the meantime, Nike says they will continue supporting Livestrong, which has raised nearly $500 million to support cancer patients