Financial News
- 18 October 2012, 3:07
Sportswear Giant Cancels Armstrong Contract
Nike has terminated its contract with former champion cyclist Lance Armstrong as he prepares to step down as chairman of his Livestrong cancer-fighting charity.
Last week the US Anti-Doping Agency (Usada) issued a report detailing allegations of widespread performance-enhancing drug use by Armstrong.
The document included testimony from 11 former teammates. Usada has ordered for 14 years of Armstrong's career results to be erased, including his seven Tour de France titles.
In a statement Nike said: "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.
"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. "
The announcement came minutes after Armstrong quit as chairman of his Livestrong cancer-fighting charity.
He said: "I have had the great honour of serving as this foundation's chairman for the last five years and its mission and success are my top priorities.
"Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship."
The Lance Armstrong Foundation, commonly known as Livestrong, was founded in 1997 and has raised around $500m (£309m) to support cancer patients.
The group has scheduled its 15th anniversary celebration for this weekend. Armstrong will stay on the charity's board.
The cancer survivor strongly denies doping and says he stopped fighting Usada because its hearing process was unfair.
what do you think?
Michael Booth
I've been a big fan of Le Tour de France for more than 20years now. So I was disappointed when this story unfolded But what really "gets my goat" is the arrogance of USADA....... "USADA has ordered" "USADA has stripped" There is only one organisation that can strip LA of his TdF wins and that's the UCL!
Mathew Turner
Hes never failed a drug test.. That should count for something.. All they have is he said she said.. Sorry but this is a witch hunt with no clear evidence apart from word of mouth.. I saw elvis last week walking with jacko and a pink elephant i cant prove it but my word is good enough...
Chris Haynes
1:17pm on 17/10/2012
It's about time Nike took some decisive action instead of re-issuing the statement they put out in August. As with our own Jimmy Savile, people are shocked and upset, but what sickens most people is those that were, or still are, happy to cover up the illegal actions of others. Both high profile, both did a lot of good for charities but both manipulated and decieved to an unbelievable extent. Did they reconcile in their own minds that the charity work would somehow balance their illegal activity? If you apply Bob Hare's Psychopath test to these two individuals, you get some very scary results. Before anyone says 'but they aren't psychopaths', just google the test for yourselves.
Tom Lines
7:29pm on 17/10/2012
Are you really comparing one mans decision to use performance enhancing drugs to improve his performance to a man, if that's what you can call him, who used his position to abuse children?
Chris Haynes
9:00pm on 17/10/2012
Tom, the analogy was about deceit, lies and intimidation. As someone who has worked in Child protection for many years, I can assure you I am repulsed by any abuse against the vulnerable and innocent in our society.