Financial News

  • 22 February 2013, 9:42

Pistorius Dropped By Nike Amid Murder Charge

Nike has suspended its sponsorship contract with Oscar Pistorius as the athlete fights a charge of premeditated murder.

The company announced its decision as the double-amputee runner appeared in court for the third day of a bail hearing over the shooting of Reeva Steenkamp on Valentine's Day.

In a brief statement, Nike said: "We believe Oscar Pistorius should be afforded due process and we will continue to monitor the situation closely."

Sunglasses maker Oakley had already ended its contract with the sprinter, significantly cutting his estimated annual sponsorship income of more than 1.3m.

In the wake of the shooting and his arrest, Nike took the decision to drop an advertising campaign featuring Pistorius and containing the slogan "I am the bullet in the chamber."

The sporting goods to fashion brand has a host of top sports stars on its books. Others have also been in the spotlight for reasons other than their sporting glory.

Nike dropped cyclist Lance Armstrong in October 2012 in the wake of his doping revelations but stood by Tiger Woods after the golfer admitted infidelities and went to rehab for sex addiction.