At least four more companies have followed Nike's lead and dropped Lance Armstrong.
The Washington Post reported that loyal and long-time sponsors, Anheuser-Busch, food maker, Honey Stinger, and Trek Bicycles, announced it had cut ties also.
Retailing giant, Radioshack, has also pulled its association with the 41-year-old.
Bloomberg reported the announcements are a huge financial blow for Armstrong, who earned $21 million in 2010, making him the 50th highest-paid athlete in the world and the wealthiest cyclist, according to an annual list released by Forbes magazine.
It said he stands to lose about $30million from the loss of big name sponsors, including Nike.
"The only possible (endorsement) avenue I see for him now is something related to fighting cancer," said Bob Dorfman, an executive vice president at the San Francisco ad agency Baker Street Advertising.
"He fought that battle and inspired a lot of people. Maybe you could somehow isolate that. Is there a shot at anything else? No way.
"The first thing you want in an endorser is somebody who is sincere. Obviously, that's not Lance anymore."
“To many Lance Armstrong was a superhero and now he appears to be a super fraud,” Scott Becher, managing director of Z Sports & Entertainment, a division of Fort Lauderdale, Florida-based Zimmerman Advertising, told Bloomberg.
USA Today said Nike cited "seemingly insurmountable evidence" and said it had been "misled" by Armstrong for more than 10 years.