Armstrong Loses Sponsors

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Doping charges are costing Lance Armstrong more than just his good reputation, with commercial sponsors dropping the athlete in response to the scandal.

The celebrated cancer survivor and cyclist lost his endorsement deals with Nike, Anheuser-Busch, RadioShack, Trek and others Wednesday in response to what the U.S. Anti-Doping Agency calls "overwhelming" evidence of Armstrong's doping, according to CNN.

The American Cancer Society, which has worked with Armstrong for years, will continue to collaborate with Livestrong, Armstrong's cancer charity. Nike and Anheuser-Busch will also continue to support Livestrong.

Armstrong said Wednesday that he has resigned as chairman of his foundation but will remain on the board of directors, the Wall Street Journal reported.

The U.S. Anti-Doping Agency's investigation report, released last week, has all but ended Armstrong's career. Armstrong is now banned from competing in events sanctioned by U.S. Olympic governing bodies, and international cycling officials are considering stripping Armstrong of his seven Tour de France titles.

Armstrong continues to deny the doping charges.

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This page contains a single entry by pete8374 published on October 18, 2012 6:19 PM.

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