By Breaking Celebrity News Staff

Lance Armstrong's fall from grace continues.

Nike has ended its' association with the ostracized athlete after he resigned from his Livestrong charity Wednesday.

"This organization, its mission and its supporters are incredibly dear to my heart," Armstrong, who will stay on the board of the organization, said in his resignation statement. "Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship."

The shoe giant said it dropped the banned cyclist "due to the seemingly insurmountable evidence that he participated in doping and misled Nike for more than a decade."

The manufacturer said it will continue to work with Livestrong, the charity best known for the yellow bracelets that became a ubiquitous fashion accessory of in the mid-2000s.

"As my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer," Armstrong's statement read. "It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors."