Lance Armstrong's name is coming out of cycling's record books.
Armstrong was stripped of his seven Tour de France titles and banned for life by cycling's governing body Monday following a report from the U.S. Anti-Doping Agency that accused him of leading a massive doping program on his teams.
UCI President Pat McQuaid announced that the federation accepted the USADA's report on Armstrong and would not appeal to the Court of Arbitration for Sport.
In Paris, Tour director Christian Prudhomme said at a news conference he no longer considers Armstrong the seven-time champion of the race. Prudhomme called UCI's decision "totally logical" and said "Lance Armstrong is no longer the winner of the Tour de France from 1999-2005."
With the latest news, Oakley has now become the latest in a wave of sponsors dropping the legendary cyclist since he stepped down as chairman of his Livestrong cancer charity last week.
Oakley said it was waiting to hear UCI's decision. Now, the sunglass and sports clothing maker says it is severing ties effective immediately.
Other sponsors that have dropped Armstrong include Nike, Trek Bicycles and Anheuser-Busch, 24 Hour Fitness and Honey Stinger.
Oakley is owned by Italian company Luxottica Group SpA.