Armstrong stepping down as Livestrong chairman

Lance Armstrong stepped down as chairperson of his Livestrong cancer-fighting charity Wednesday and Nike severed ties with him as fallout from the doping scandal swirling around the cyclist escalated.

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