Armstrong, who has been accused of doping by the U.S. Anti-Doping Agency, has dropped his lawsuit against the agency and will consequently face some harsh penalties, according to the New York Daily News.
The decision could well result in Armstrong being stripped of his seven Tour de France titles as well as a lifetime ban from the sport of cycling.
The USADA alleges that Armstrong has used PEDs dating back to 1996. The allegations included the use of the blood-booster EPO, steroids and blood transfusions. Armstrong sued the federal court to try and block the charges, but ultimately he lost.
In a prepared statement, Armstrong explained that while he was still "innocent," it was time to move on.
"There comes a point in every man's life when he has to say, 'Enough is enough,'" Armstrong said, according to ESPN's Andrew Brandt. "For me, that time is now. Today I turn the page."
Armstrong retired from professional racing in 2011, at age 40.
Lance Armstrong abandons fight against doping charges. Will be stripped of Tour de France titles and banned for life. Story to follow.
— NYDN Sports I-Team (@NYDNSportsITeam) August 24, 2012