It seems Lance Armstrong's doping nightmare has only just begun. Though the Livestrong man has already been stripped of his six Tour de France titles, he's now feeling the financial repercussions of the United States Anti-Doping Agency's damning report on his career in cycling.

Nike - arguably Armstrong's biggest sponsor - has decided to end their association with the star, saying that "due to the seemingly insurmountable evidence that Armstrong participated in doping... we have terminated his contract." The cyclist, 41, has also stepped down as chairman of his charity Livestrong, saying in a statement, "To spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship." Armstrong has always vehemently denied doping, but gave up his fight against the charges in August. Nike - who marketed Armstrong as one of their primary stars, alongside Tiger Woods - added that it was "misled" by the American for more than a decade.

The U.S. Anti-Doping Agency released a report last week detailing the allegations of widespread doping by Armstrong and his teams when he won the Tour de France seven times between 1999 and 2005. The report included testimony from 11 of his former teammates, including Tyler Hamilton, whose book 'The Secret Race: Inside the Hidden World of the Tour de France: Doping, Cover-ups, and Winning at All Costs' claimed Armstrong was running a highly organised doping operation.