Oakley cut ties with its long time sponsored athlete Lance Armstrong on Monday after the UCI announced that it was upholding the rulings of the US Anti-Doping Association (USADA) and confirming Armstrong's lifetime ban.
In a statement on its website, Oakley said, "Based on UCI's decision today and the overwhelming evidence that USADA presented, Oakley has severed its longstanding relationship with Lance Armstrong, effective immediately.
"When Lance joined our family many years ago, he was a symbol of possibility. We are deeply saddened by the outcome, but look forward with hope to athletes and teams of the future who will rekindle that inspiration by racing clean, fair and honest.
"We believe the Livestrong Foundation has been a positive force in the lives of many affected by cancer and, at this time, Oakley will continue to support its noble goals."