Lance Armstrong Dropped by Nike, Quits Charity

Evidence that the superstar cyclist was doping is now costing him millions in sponsorships.
3:00 | 10/18/12

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Transcript for Lance Armstrong Dropped by Nike, Quits Charity
armstrong. The superstar cyclist has been stripped of his medals. Now, the evidence he doped for years is costing him sponsorships and the leadership of his live strong charity. Neal karlinsky brings us that from seattle. Reporter: It's been a devastating 24 hours from armstrong. His sponsors have been dropping like flies. There's threats of civil litigation. It's as if his entire legacy is being erased right before his eyes. STRIPPED OF HIS tour de France titles by the u.S. Anti-doping agency, lance armstrong the now being stripped of his livelihood. Like dominos, big-money sponsors are dropping the disgraced champion in droves. Anheuser-busch, frs sports drinks, trek bicycles, giro helmets, and nike, which wrote its own damming guilty verdict, due to the seemingly insurmountable evidence that lance armstrong parents pated in doping and misled nike for more than a decade, we have terminated our contract with him. The fact he made millions by cheating, by deceiving children and cancer survivors and some that lookeded up to him as a leader and icon, it's one of the worst stories in sports. Reporter: The drug-tainted fairly tale made armstrong a very wealthy man, with his own private jet. Mansions in austin, texas, and aspen, colorado. A vast art collection and more. Analysts estimate he was making $15 million a year for more than a decade. All apparently based on a lie. Lance armstrong's earning power is completely done. He's in some way going to be relegated to being a normal, everyday person again. Reporter: At the olympic training center in colorado, an armstrong quote has now been removed. In the midst of the collapse wednesday, armstrong still maintained his innocence, stepped down as chairman of live strong, the foundation he created to fight cancer. Now, just days from celebrating their 15th anniversary, live strong's leadep can only hope that donations don't dry up with lance armstrong's reputation. I'm always concerned about the future of our organization. And that's because the mission is so important. Reporter: A lot of people wonder, why doesn't armstrong just come out and explain himself? Well, insiders say it may be that he fears even more civil liability possibly even perjury charges if he changes his story now. Neal, this is so devastating as you point out. But lance armstrong is an amazing competitor, as well. Do you have any sense of what kind of comeback he might be plotting? That is impossible to say. People close to him say that his absolute plan right now is to lay low. He plans to take part in live strong. He is still on the board. He is passionate about cancer. But he needs to keep a low profile for very near future at least. Okay, neal karlinsky. Thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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