Last week the U.S Anti-Doping Agency released a thousand page report on Lance Armstrong’s doping scandal. The now retired cyclist hit headlines hard in late August when he was stripped of all seven of his Tour de France medals and was issued a lifetime ban from cycling. Since the story released, Armstrong’s four major lucrative sponsors have taken away their sponsorships one by one.
Nike dropped Armstrong earlier this week due to his disgrace. Nike released this statement “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.”
The brewing company Anheuser-Busch also said it was ending its relationship with Armstrong when his contract expires at the end of this year. Oakley Inc. and Radio Shack are waiting for the final decision from sport’s international authorities before conducting their final decision. The other two sponsors that have immediately ended their relationships with Armstrong are Trek Bicycles and FRS, the energy drink maker.
Lance Armstrong has stepped down as chairman of the Livestrong cancer support charity that he founded. His foundation is widely known for the 70 million yellow wristbands that were distributed worldwide. His charity raises money not for research but to help cancer survivors with employment, financial obligations, insurance problems, and access to care, especially in third world countries.
So far, donations have increased despite the Armstrong’s scandal. Lance Armstrong released a statement on Wednesday stating “To spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.”
The road for Armstrong seems far from over. Currently, the Olympic Committee is considering taking away Armstrong’s 2000 Olympic bronze medal, which will surely endure more loss and humiliation for him. Predictions say he will continue to lose more sponsorships and countless lawsuits will be released of breach of contract between the companies and Armstrong.