Legendary cyclist Lance Armstrong, who won the coveted Tour de France a record seven consecutive years, has said he is retiring from the sport.

Today, I am announcing my retirement from professional cycling in order to devote myself full-time to my family, to the fight against cancer and to leading the foundation I established before I won my first Tour de France, Armstrong said in a statement.

Armstrong inspired cancer patients all around the world when he won his first Tour de France title in 1999 after battling bravely to fend off the marauding disease. He went on to claim the prestigious trophy six more times even as he devoted time to fight back the ailment.

Armstrong, who hails from Texas, also established a foundation -- LIVESTRONG Campaign -- to lead the fight against cancer with the help of corporate sponsors.

He retired from the sport in 2005, only to return to the track in 2009. He failed to regain glory at the Tour de France, but finished at third place.

However, his more recent performances have been less riveting, and he seems to have hung up boots after finishing 65th in a recent race in Australia.

Armstrong has also had his share of infamy as he is currently under federal investigation over allegations that he had used banned performance-enhancing drugs.