THE RISE AND FALL OF A GREAT CYCLIST: LANCE ARMSTRONG HAS FINALLY BEEN STRIPPED OF MEDALS, BANNED FOR LIFE AND SET TO LOSE OVER 200M DOLLARS

Lance Armstrong is losing the seven cycling titles that made him a legend.The International Cycling Union announced Monday that Armstrong is being stripped of his Tour de France titles."Lance Armstrong has no place in cycling," said the union's president, Pat McQuaid, announcing that Armstrong is banned from the sport. The decision follows this month's finding by the U.S. Anti-Doping Agency that there is "overwhelming" evidence that Armstrong was involved as a professional cyclist in "the most sophisticated, professionalized and successful doping program."

But he emphasized, "Cycling has a future."In a statement, the

union wrote, "Today's young riders do not deserve to be branded or tarnished by the past or to pay the price for the Armstrong era."Armstrong has steadfastly maintained his innocence. At an event Sunday, he did not refer to the controversy directly but said it's been "an interesting and at times very difficult few weeks."

Armstrong's story -- that of a cancer survivor who tamed the grueling three-week race more than any other cyclist before or since -- had made him a household name. But allegations of doping long dogged his career.

Then came this month's finding by the USADA.

The agency announced it would ban Armstrong from the sport for life and strip him of his results dating from 1998. The decision wiped out 14 years of his career. McQuaid said Monday the cycling union would not appeal USADA's decision.

McQuaid, speaking at a news conference Monday, said he does not believe cycling will ever be free from doping, because "I don't think in any aspect of society there are no cheats. I do believe that doping can be hugely reduced."

The International Olympic Committee also is reviewing the evidence and could revoke Armstrong's bronze medal from the 2000 Sydney Games.

It is now up to the organizers of the Tour de France whether it will nominate alternate winners for the 1999-2005 tours. The Amaury Sport Organisation, which runs the 21-day event, has said it will decide after the ruling.

The cycling union's decision leaves Greg LeMond as the only American to win the tour. He did so in 1986, 1989 and 1990.

In the past, Armstrong, 41, argued that he has taken more than 500 drug tests and never failed. In its 202-page report, the USADA said it had tested Armstrong less than 60 times and the International Cycling Union conducted about 215 tests.

Doping scandal costs Armstrong sponsors, charity

The controversy also has taken its toll on Armstrong's endorsement deals.

On the same day he stepped away from the leadership of his foundation, Nike, which initially stood by Armstrong, dropped him with a terse statement citing what it called "seemingly insurmountable evidence" that he participated in doping.

Hours later, brewery giant Anheuser-Busch followed suit, saying it would let Armstrong's contract expire at the end of the year. Nike and Anheuser-Busch said they still planned to support Livestrong and its initiatives.

Professional cycling couldn't escape the backlash either as Dutch bank Rabobank announced it is to end its sponsorship of pro cycling teams in the wake of the doping scandal.

Culled;CNN

Edited:LII