Armstrong has seen his reputation destroyed by the investigation into alleged doping practices. (Flickr/Creative Commons)

The Associated Press reported Wednesday the move was quickly followed up by Nike Inc.'s own announcement it would be "terminating its personal contract with him." 

Nike will continue to support Livestrong, but said in a statement Armstrong had "misled" the company for a decade about his enhancement practices.

Last week, the U.S. Anti-Doping Agency released a damning report regarding allegations against Armstrong and his teams while winning seven consecutive Tour de France races between 1999-2005.

Read the full story here, and more of Neon Tommy's doping coverage here. 

Reach Executive Producer Catherine Green here. Follow her here.