Lance Armstrong was dropped by two major sponsors and stepped down as chairman of the cancer foundation he founded one week after the U.S. Anti-Doping Agency detailed his alleged use of performance-enhancing substances.

Lance Armstrong steps down as Livestrong Foundation Chairman
[Photo: Rogerio Barbosa/AFP/Getty Images]

Nike Inc., the world’s largest sporting-goods maker, said in a statement on its website that it was ending its contract with the seven-time Tour de France winner. Anheuser-Busch InBev NV (ABI) said it wouldn’t renew the former cyclist’s deal when it expires at the end of this year.

Both companies said they would continue to support the initiatives of the Livestrong foundation to help people affected by cancer. The charity, known for its yellow Livestrong bracelets, has raised more than $470 million since 1997, according to its website. Read more;