The decision comes after the U.S. Anti-Doping Agency (USADA) released a report last week detailing allegations of widespread doping by Armstrong and his teams when he won the Tour de France seven consecutive times from 1999 to 2005.

Trek Bicycle released the following statement regarding the company’s relationship with Lance Armstrong.

"Trek is disappointed by the findings and conclusions in the USADA report regarding Lance Armstrong. Given the determinations of the report, Trek today is terminating our longterm relationship with Lance Armstrong. Trek will continue to support the Livestrong Foundation and its efforts to combat cancer."