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Nike 'saddened' by Lance Armstrong's doping confession

Nike has further distanced themselves from Armstrong, saying they are "saddened" for being misled, but will continue to support the Livestrong Foundation.

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Lance Armstrong was once one of Nike's poster boys, but now the shoe and apparel giant wants nothing to do with him. Months after ending their relationship with Armstrong, and in the wake of Armstrong's admission to Oprah that he took performance enhancing drugs, Nike has further separated themselves from the former seven-time Tour de France winner.

On Thursday, the day that Armstrong's admission aired on television, Nike released this statement:

Nike does not condone the use of illegal performance enhancing drugs in any manner. We love sport and believe in the integrity of competition.

We terminated our contract with Lance Armstrong in October 2012. We remain saddened after being misled for more than a decade.

Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.

The Livestrong Foundation that Nike plans to continue supporting was created by Armstrong and was originally named The Lance Armstrong Foundation. Paired with Nike, they helped raise millions of dollars and awareness for cancer, but following the release of evidence proving Armstrong took performance enhancing drugs, the foundation dropped Armstrong's name and was renamed The Livestrong Foundation.

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