It looks like even giant multinational corporations have their breaking points, and disgraced cyclist Lance Armstrong has finally found Nike‘s by way of his doping scandal.
Nike announced earlier today that they have terminated their endorsement contract with Armstrong, who also stepped down as chairman of his famous Livestrong charity organization on the same day.
Nike released the following statement regarding their decision:
“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.”
As stated, Nike will continue to support Livestrong, as together they have helped raise over $80-million since May 2004 through the sales of their signature yellow wristbands. Nike also has plenty of Livestrong products, many of which can be found at their online shop.
This decision by Nike makes Armstrong just the second athlete to ever have his contract terminated by the popular sports apparel brand. The first was Michael Vick, who was dropped by Nike following his plea agreement on dogfighting charges back in 2007.
Needless to say, this probably isn’t the end of Armstrong’s fall from grace, as he still faces the possibility of perjury charges, as well as the probable loss of his seven Tour de France yellow jerseys.
Armstrong has yet to provide a response regarding his recent breakup with Nike.