Here's the official statement:
David was yesterday put under investigation for the possession of an illegal substance following the search of his home in Biarritz. During the search two empty syringes of EPO were found.
In a hearing yesterday David admitted to Judge Richard Pallain that he used EPO on three separate occasions, once in 2001 and twice in 2003. David accepts responsibility for the decisions and mistakes in his career but although he has admitted to the use of EPO in the past David emphatically denies the allegations that have been made against him during the course of Judge Pallains investigation. David is deeply sorry to all those that have supported him and the damage he has done. He is particularly concerned that the high reputation of the British Cycling Team is in no way harmed as they had no knowledge of his actions. Indeed, it was his recent induction into the UK based performance programme that helped inspire him to decide never to use an illegal substance again.
He has been suspended from British cycling pending a judicial hearing and voluntarily removes himself from the British Olympic Team.