After an eight-year run, the United States Postal Service will end its sponsorship of the U.S.P.S Pro Cycling Team led by Lance Armstrong at the end of the year.
The 24-member U.S. Pro Cycling Team will continue to be supported by the Postal Service at events in the U.S. and abroad throughout the 2004 racing season, the USPS said.

"It's been a wonderful ride," CMO, Anita Bizzotto, said in a statement.

During its sponsorship, Armstrong won five consecutive Tour de France championships, bringing enormous exposure for the Postal Service and cycling. Armstrong is a possible contender to win a sixth Tour in July.

Last summer, the Postal Service was criticized by the Citizens Against Government Waste for wasting millions of dollars in sports sponsorships, especially the U.S. cycling team deal with Armstrong, despite a corporate loss of $675 million. The group claimed the Postal Service spent $40 million on the U.S. Pro Cycling Team between 1996 and 2002, out of a total $48 million for sports sponsorships.

An audit publicized around the same time by the USPS Office of the Inspector General claimed that the USPS was unable to track or verify revenue associated with sponsorships; lacked goals and objectives for some sponsorships; and did not manage tickets and invitations appropriately. The audit documents said the USPS could not determine return on investment for its sponsorships.

[via Patricia Odell - PROMO Magazine]

Also:
The Seattle Times

San Jose Mercury News - U.S. Postal ends cycling contract with Armstrong

Velo News - Postal, cycling parting ways at season's end