Following Jon Jones' felony charge of leaving the scene of an accident involving personal injury, the UFC announced that it has suspended the 27-year-old indefinitely and stripped him of the light heavyweight title as a result of violating the organization's Athlete Code of Conduct.

"UFC feels strongly that its athletes must uphold certain standards both in and out of the Octagon. While there is disappointment in the recent charges, the organization remains supportive of Jones as he works through the legal process. With this decision, UFC has determined that No. 1 contender Anthony Johnson will now fight No. 3 contender Daniel Cormier for the UFC light heavyweight championship at UFC 187 on May 23 in Las Vegas," the UFC statement read.

Cormier, who lost to a unanimous decision to Jones in January at UFC 182, had this to say about the stunning turn of events: "Make no mistake about it, this is a sad day for our sport. One of the best fighters of all time has found himself in trouble again. It sucks. Despite our differences, I truly wish the best for Jon and his family, I know he can get through this."

Shortly after being suspended and stripped of the title, Jones was also taken out of the pound-for-pound rankings, while Reebok terminated Jones' endorsement deal with them.

"In light of recent events, we have made the decision to terminate our contract with Jon Jones effective immediately," said a statement Reebok released to MMA Weekly.

Jones was one of the few fighters that had an individual endorsement deal with Reebok outside of the athletic apparel company's deal with the UFC.

Jones was allegedly involved in a hit-and-run car accident in Albuquerque, New Mexico last Sunday. Witnesses say he ran a red light and crashed into a pregnant woman's car as a result.

"There's a long list of things and this was another violation. You can only give a guy so many shots," UFC president Dana White told Yahoo Sports.

"Got a lot of soul searching to do. Sorry to everyone I've let down," Jones tweeted.