Agency: Bartle Bogle Hegarty
After initially standing by Armstrong despite US doping authorities accusing him of being a "serial cheat" Nike has now "terminated" its contract with the high profile cyclist and cancer campaigner.
Earlier today Armstrong stood down from his position as chairman of the Nike-backed cancer charity Livestrong.
This afternoon Nike said in a statement: "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."
Last week, a report from the US anti-doping authority Usada, said Armstrong ran "the most sophisticated, professionalised and successful doping programme that sport has ever seen".
Armstrong has also been a spokesman for the AB InBev beer Michelob Ultra. Last week the brewing giant stood by Armstrong but a spokesman had not responded to request for comment today.Follow @MaisieMcCabe
This article was first published on marketingmagazine.co.uk