Lance Armstrong Dropped by Nike; Steps Down at Livestrong

The world’s largest shoe and apparel company, Nike, announced Wednesday that it has terminated its endorsement deal with Armstrong.

“Due to the seemingly insurmountable evidence that Lance Armstrong participated in doping and misled Nike for more than a decade, it is with great sadness that we have terminated our contract with him,” the company said in a statement. “Nike does not condone the use of illegal performance enhancing drugs in any manner. Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer.”

It is believed that Armstrong is now the second athlete who has been terminated by Nike. Nike terminated its contract with quarterback Michael Vick in 2007 following his plea agreement on dogfighting charges, but the company re-signed him in 2011. Endorsement contracts typically have morals clauses that allow companies to sever their deals with cause.

Together with Nike, the Livestrong Foundation raised more than $80 million through the sale of yellow Livestrong wristbands since May 2004. Nike also has a healthy line of Livestrong-branded products, including shoes and T-shirts. There were nearly 100 Livestrong items available for purchase on Nike’s website on Wednesday morning.

USADA’s documentation attempts to show why the organization has banned him from cycling for life and ordered 14 years of his career results erased — including those Tour titles. It contains sworn statements from 26 witnesses, including 11 former teammates. Cycling’s governing body, the International Cycling Union (UCI), received USADA’s report last week and has 21 days to decide whether to formally ratify the decision to strip Armstrong of his Tour titles or appeal to the Court of Arbitration for Sport.

Armstrong, who was not paid a salary as chairman of the Lance Armstrong Foundation, will remain on its 15-member board. His duties leading the board will be turned over to vice chairman Jeff Garvey, who was founding chairman in 1997.

 ”This organization, its mission and its supporters are incredibly dear to my heart,” Armstrong said in a statement obtained by The Associated Press. “Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.”

2012-10-18 00:42:07

Source: http://republicanredefined.com/2012/10/17/lance-armstrong-dropped-by-nike-steps-down-at-livestrong/?utm_source=rss&utm_medium=rss&utm_campaign=lance-armstrong-dropped-by-nike-steps-down-at-livestrong