Nike stands by Armstrong

Armstrong, a cancer survivor revered by millions for his efforts in raising cancer awareness and supporting those stricken by the disease, has steadfastly denied doping accusations, but said on Thursday night that he wouldn't pursue an arbitration process.

"We are saddened that Lance Armstrong may no longer be able to participate in certain competitions and his titles appear to be impacted," Nike said in a statement.

"Lance has stated his innocence and has been unwavering on this position. Nike plans to continue to support Lance and the Lance Armstrong Foundation, a foundation that Lance created to serve cancer survivors."

The company declined to comment on the terms of its deal with Armstrong, who has been a Nike-sponsored athlete since 1996.

Armstrong was also banned from cycling for life by the US anti-doping agency, which said his decision not to pursue arbitration in an effort to clear himself of doping charges leveled in June triggered the action.