Nike Cuts Ties With Livestrong Charity

The company cut ties with Lance Armstrong last year

   

Nike 300x199 Nike Cuts Ties With Livestrong CharityAfter nine years, sports apparel-maker Nike (NKE) has ended its relationship with Livestrong, the cancer charity established by disgraced cyclist Lance Armstrong.

Nike, which helped the organization raise more than $100 million during their partnership, says it will end its production of Livestrong apparel this year. It will continue other unspecified financial arrangements until its contract with the foundation expires next year, the Associated Press noted.

carnival cruise 630 200x200 Nike Cuts Ties With Livestrong Charity
Fire Cuts Royal Caribbean Cruise Short

Livestrong issued a statement thanking Nike for its near-decade partnership. The foundation said it will continue its efforts to raise cancer awareness and support cancer patients.

Nike withdrew its longstanding sponsorship of Armstrong last fall after the former Tour de France champion conceded that he had used performance-enhancing drugs during his cycling career. Armstrong had fiercely denied doping allegations for more than a decade.

After the admission, Armstrong was stripped of his cycling titles and is facing lawsuits from former sponsors, including the United States Postal Service.


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/nike-cuts-ties-with-livestrong-charity/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.