Companies Cut Ties with Lance Armstrong After Livestrong Resignation

Morne de Klerk/Getty Images(NEW YORK) -- Corporate sponsors are bailing on Lance Armstrong in droves after a report by the U.S. Anti-Doping Agency showing evidence and testimony that Armstrong was involved in doping.

On Wednesday, Armstrong announced he is resigning as chairman at his Livestrong Foundation, and then companies began bailing.

Now Anheuser-Busch, 24 Hour Fitness, Trek Bikes and the company that makes Easton baseball bats and Bell bicycle helmets are joining Nike in pulling sponsorship deals with the former cyclist.

"We have decided not to renew our relationship with Lance Armstrong when our current contract expires at the end of 2012," Paul Chibe, Vice President of U.S. Marketing at Anheuser-Busch said Wednesday.

Chibe added that, like many of the companies dropping Armstrong, Anheuser-Busch will continue to support the Livestrong Foundation but not Armstrong himself.

Copyright 2012 ABC News Radio

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