Lance Armstrong-founded charity says Nike drops sponsorship

Cyclist Lance Armstrong (L) addresses participants at The LIVESTRONG Challenge Ride as Doug Ulman (R), Livestrong President and CEO, looks on at Palmer Events Center on October 21, 2012 in Austin, Texas. More than 4,000 cyclists participated in the charity ride supporting cancer survivors. Armstrong has recently been accused of leading "the most sophisticated, professionalized and successful doping program that sport has ever seen" according to USADA officials.

( Tom Pennington / Getty Images )

Cyclist Lance Armstrong (L) addresses participants at The LIVESTRONG Challenge Ride as Doug Ulman (R), Livestrong President and CEO, looks on at Palmer Events Center on October 21, 2012 in Austin, Texas. More than 4,000 cyclists participated in the charity ride supporting cancer survivors. Armstrong has recently been accused of leading "the most sophisticated, professionalized and successful doping program that sport has ever seen" according to USADA officials.

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