(CNN) - His reputation is in tatters, the cycling victories that made him a legend are wiped away, and the sponsors that gave him enormous wealth have fled faster than a downhill race to a finish line. But that's only the beginning.

Lance Armstrong is also being asked to pay back millions of dollars. And the term "Armstrong era" is now apparently a moniker for widespread cheating.

The epic downfall of cycling's star, once an idolized icon of millions around the globe, stands out in the history of professional sports.

His latest and biggest plunge came Monday when the International Cycling Union stripped the 41-year-old of his seven Tour de France titles.

"Lance Armstrong has no place in cycling," said the union's president, Pat McQuaid, announcing that Armstrong is also banned from the sport.

Livestrong bracelet: To wear or not to wear?

The decision followed this month's finding by the U.S. Anti-Doping Agency that there is "overwhelming" evidence Armstrong was involved as a professional cyclist in "the most sophisticated, professionalized and successful doping program." Armstrong has steadfastly maintained his innocence.

McQuaid said he was "sickened" by the report.

But he emphasized, "Cycling has a future."

In a statement, the union wrote, "Today's young riders do not deserve to be branded or tarnished by the past or to pay the price for the Armstrong era."

When it rains, it pours. If he took the fame with pride, he should also take the shame in his stride.

Lost all respect I once had for him.

To think at one point he was one of my sporting heroes. Big shame really.