It just keeps getting worse for Lance Armstrong.  Nike has decided it's not buying his denials about using performance enhancing drugs.  The company has cut ties with him, saying he misled them.

Nike says, "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."

He also lost several other sponsors yesterday:  Trek Bicycles, Anheuser-Busch, the FRS energy drink company, Giro Helmets, Honey Stinger energy products, 24 Hour Fitness and Radio Shack.

Meanwhile, Lance stepped down as chairman of his own cancer charity, Livestrong.  But once again, he's not admitting guilt.

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

Lance will remain on Livestrong's board of directors.