Nike has taken yet another step in disassociating from Lance Armstrong. The world's largest shoe and apparel brand has informed the Livestrong Foundation, the charity that he helped start, that it will discontinue its line of Livestrong-branded products by the end of this year.
"Nike has made the decision to stop producing new Livestrong product after its Holiday 2013 line," Nike spokesman KeJuan Wilkins said in a statement. "We will continue to support the Livestrong Foundation by funding them directly as they continue their work serving and improving outcomes for people facing cancer."
Just last year, sources say Nike sold $150 million of Livestrong-branded products, its most ever. But industry insiders told ESPN.com that Nike, as well as Dick's Sporting Goods, which sold the most product at retail, were ready to give up the business.
Aligned with Nike, the Livestrong Foundation made more than 87 million of its Livestrong yellow rubber wristbands since May 2004. Nike raised more than $100 million for the foundation through sales of the $1 wristbands and a minimum guarantee and royalty payments made on the sale of Livestrong gear.
"The Livestrong Foundation is deeply grateful to Nike not only for the time and resources it invested in helping us improve the lives of people affected by cancer today, but also the creative drive it brought to our nine-year partnership," the foundation said in a statement released Tuesday.
Nike has been accused of helping Armstrong cover up his past usage of performance-enhancing drugs. In 2006, Kathy LeMond, wife of cyclist Greg LeMond, said under oath that the company paid $500,000 to a former International Cycling Union (UCI) president to cover up a drug test in which the past Tour de France champion failed. Nike officials deny this incident ever took place.
Lance Armstong's reputation has gone from courageous hero to villain over the past few months. He lost all his endorsement deals, including those with Trek, Oakley and Michelob Ultra.
Nike has sponsored the cyclist since 1996 and had paid him about $40 million, according to sources. Nike also dropped his name from its fitness center in Beaverton, Ore.
© 2023 Sportsworldnews.com All rights reserved. Do not reproduce without permission.
