Sports manufacturer Nike have decided to end their sponsorship agreement with former American cyclist Lance Armstrong.

The American company have made the decision following a 1,000-page report from the US Anti-Doping Agency that accused Armstrong and several of his teammates of doping during his success at the Tour de France.

"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," read a statement on Nike's official website.

"Nike does not condone the use of illegal performance-enhancing drugs in any manner."

News of Nike's sponsorship withdrawal has come just six days after they had issued another statement in support of the 41-year-old.

However, the American company have confirmed that they fully intend to continue to work with Livestrong - a cancer-fighting charity that Armstrong helped to set up.

Earlier today Armstrong confirmed that he is to step down as chairman of Livestrong.