Seven-time Tour de France winner Lance Armstrong will be stripped of his titles and banned for life after giving up his fight against doping charges leveled at him by the U.S. Anti-Doping Agency.

Armstrong released a statement Thursday night saying the emotional toll the fight was taking on him and his family was just not worth it anymore. According to ESPN, Armstrong said "there comes a point in every man's life when he has to say, 'Enough is enough.' For me, that time is now."

Armstrong retired from cycling last year. The 40-year-old walked away after not being charged in a two-year-long criminal investigation. The cancer survivor also founded the Lance Armstrong Foundation and has helped to raise over $500 million for it. His story and success helped sell millions of the "Livestrong" plastic yellow wrist bracelets.