Many thought this would happen, and now it has. It's official: Lance Armstrong has been stripped of his seven Tour de France titles and banned from the sport for life. It's sad to see the downfall of the cyclist once considered  the greatest of all time. Here's what Pat McQuaid, president of the International Cycling Union, had to say at a news conference in Switzerland today:

"Lance Armstrong has no place in cycling and he deserves to be forgotten in cycling," Pat McQuaid, the president of the International Cycling Union, known as UCI, said today at a news conference in Switzerland. "This is a landmark day for cycling."

The UCI's decision comes days after the U.S. Anti-Doping Agency banned Armstrong from the sport for life for alleged use of illegal performance-enhancing drugs. The agency claims investigators interviewed twenty-six people with knowledge of Armstrong's alleged doping, including 11 teammates, and collected 1,000 pages of evidence accusing him of cheating.

Armstrong stepped down as the chairman of the Lance Armstrong Foundation, Last week, but remains on the board. Armstrong even spoke at the organizations 15th Anniversary Charity Gala this weekend.

As a result of the UCI decision today, Oakley sunglasses has joined companies Nike, Anheuser-Busch and Trek Bicycles who have severed ties with Armstrong.

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