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Originally published October 22, 2012 at 6:38 AM | Page modified October 22, 2012 at 9:51 AM

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Oakley joins list of sponsors to drop Armstrong

Oakley is the latest sponsor to drop Lance Armstrong, after cycling's governing body stripped him of his Tour de France titles and banned him for life following doping allegations.

The Associated Press

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Armstrong's downfall may well foretell the financial death of the professional cycling... MORE

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NEW YORK —

Oakley is the latest sponsor to drop Lance Armstrong, after cycling's governing body stripped him of his Tour de France titles and banned him for life following doping allegations.

On Monday, Union Cycliste Internationale accepted an August report from the U.S. Anti-Doping Agency that accused Armstrong of leading a massive doping program on his teams.

The wave of sponsors dropping Armstrong crested last week, around the same time Armstrong stepped down as chairman of his Livestrong cancer charity.

Oakley said it was waiting to hear UCI's decision. Now, the sunglass and sports clothing maker says it is severing ties effective immediately.

Other sponsors that have dropped Armstrong include Nike, Trek Bicycles and Anheuser-Busch, 24 Hour Fitness and Honey Stinger.

Oakley is owned by Italian company Luxottica Group SpA.

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