PORTLAND -- Nike is standing by Lance Armstrong after the U.S Anti-Doping Agency said it will strip his seven Tour de France titles and ban him from professional cycling.

In a statement released Friday the company said:

We are saddened that Lance Armstrong may no longer be able to participate in certain competitions and his titles appear to be impacted. 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.

Armstrong, who retired last year, declined to enter USADA s arbitration process his last option because he said he was weary of fighting accusations that have dogged him for years.

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