Lance Armstrong: 3 More Sponsors Pull Out After Nike

Lance Armstrong has lost three more sponsors after Nike pulled away Wednesday morning.

The disgraced bike racer is having a rough Wednesday, to say the least, after Nike announced they were no longer going to support him. Three more sponsors -- Trek Bicycles, FRS and Oakley -- have also pulled out now that Armstrong has stepped down as chairman of his Livestrong cancer charity after being caught using performance enhancement drugs.

Armstrong’s Livestrong foundation is best known for selling more than 70 million yellow rubber wrist bands, but due to the doping scandal he has lost a majority of his sponsors and may also lose his seven Tour de France titles.

"To spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship," Armstrong said in a statement on Wednesday, but he still plans to serve on the board.

After Armstrong’s statement, Nike quickly issued one of their own:

"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," the company said.

Just hours later it was revealed that Armstrong lost three more huge sponsors, including his bike deal, according to TMZ.

Trek Bicycles has officially cut ties with the cyclist in addition to FRS energy drink company pulling away their support from the cancer survivor.

Another sponsor, Anheuser-Busch is no longer interested in renewing Armstrong’s deal to endorse its Michelob Ultra line when the deal expires at the end of this year.

Oakley Inc, the sunglass brand who has been associated with Armstrong, is waiting until the sport’s international authorities make a final decision, Reuters wrote.

However, Radio Shack will continue to be a sponsor of Lance Armstrong and Livestrong.

At first Armstrong denied that he used performance enhancement drugs and even made a commercial with Nike where he said in the ad, "Everybody wants to know what I'm on. What am I on? I'm on my bike, busting my ass six hours a day. What are you on?"