Nike cuts ties with Livestrong charity

Credit: Nike

Nike, one of the most recognizable brands in athletics, has cut ties with Lance Armstrong's Livestrong cancer charity, which they'd helped build into an international brand via the recognizable yellow wristband. The decision is the result of the latest fallout from the former Tour de France-winning cyclist's doping scandal. The nine-year partnership between the sports shoe/clothing company and the charity raised more than $100 million.

Further details via AP:

Nike dropped its personal sponsorship of Armstrong last October after U.S. Anti-Doping Agency exposed the team doping program and portrayed Armstrong as its ringleader. And after years of denials, Armstrong admitted earlier this year he used performance-enhancing drugs to win the Tour de France seven times.

Officials at Livestrong, which announced the split on Tuesday, said the foundation remains strong and committed to helping cancer patients worldwide through its survivorship programs.

Armstrong, who started the charity in 1997 as the Lance Armstrong Foundation, was pushed off the board of directors in October and the organization later changed its formal name to Livestrong.

In a statement, Livestrong officials stated that the foundation is "deeply grateful" to Nike. "Together, we created new, revolutionary ways of thinking about how non-profits fuel their mission and we're proud of that," a spokesperson for the foundation said.

Livestrong officials also insisted that the global charity remains on solid financial ground.

"This news will prompt some to jump to negative conclusions about the foundation's future. We see things quite differently," said a spokesperson for the charity. "We expected and planned for changes like this and are therefore in a good position to adjust swiftly and move forward with our patient-focused work."