Nike, Livestrong Part Ways Following Lance Armstrong's Doping Scandal

The athletic apparel company Nike has decided to sever much of its ties with Livestrong, the foundation that began its life as the Lance Armstrong Foundation. After nine years as partners, "Nike has made the decision to stop producing new Livestrong product after its Holiday 2013 line," according to company spokesman KeJuan Wilkins.

However, Wilkins said that Nike will "continue to support" Livestrong through direct funding for their "work serving and improving outcomes for people facing cancer." The partial split comes after founder Lance Armstrong admitted to doping on performance-enhancing drugs to help win the Tour de France bicycle race several times. Armstrong previously separated from the Livestrong team so as not to distract from its mission.

Armstrong is already being sued by the Federal government over the ordeal, as his team's main sponsor the United States Postal Service, a government entity, funded Armstrong's team to the tune of $40 million over six years. As ESPN reported, Armstrong was accused by the United States Anti-Doping agency of running "the most intricate performance-enhancing drug scheme in history," as the network put it.

Nike reported that Livestrong's most iconic product, the yellow "Livestrong" wristbands, often sold at $1 each, have been purchased by 87 million people.

Livestrong, based in Austin, Texas, announced that in light of recent developments, the cancer charity's budget has been cut by over 10 percent to just over $38 million for 2013.