On Wednesday, Nike, Inc. announced it would end its contractual relationship with Lance Armstrong. The contract was for an endorsement deal that earned Armstrong millions of dollars.
The decision by Nike took place only a week after reports were released by the U.S. Anti-Doping Agency that outline the doping allegations that have been leveled against Armstrong, when he was victorious seven straight years in the Tour de France between 1999 and 2005. Armstrong was handed a ban for his lifetime from the USADA and had his titleshe earned during his 14-year professional career taken away, including the seven title he won at the Tour de France.
Because of the insurmountable evidence indicating that Armstrong had participated in doping thus misleading Nike for over a decade, therefore with sadness that his contract with the company has been terminated, said a Nike prepared statement. Nike’s statement said the company did not condone any use of illegal drugs that can could help the performance of an any athlete.
Nike will also remove the name of Armstrong from its Oregon fitness center, said a spokesman for the athletic footwear and gear maker. Initially Nike stood by the embattled Armstrong, even after his title had been stripped from him. During the summer, Nike said Armstrong had stated he was innocent and was unwavering regarding that.
For many years, Armstrong was highly sought out as a spokesman. He earned close to $17.5 million in 2005 for endorsements. That year he was the eighth highest earner for endorsements.
Since 2005, his endorsement deals have decreased, as he no longer participates in sports. Armstrong also said he would step down as the chairman for Livestrong, his charity that fights cancer.