You can say one thing for Nike — the company tends to stand by the troubled star athletes who front its products (Lance Armstrong, Michael Vick, Tiger Woods, etc.) far past the time when many other companies have cut and run. However, yesterday Nike announced that it was terminating its deal with Lance Armstrong.
A company release read: "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. Nike does not condone the use of illegal performance enhancing drugs in any manner."
It's not hard to see how Nike executives would feel foolish over their affiliation with the disgraced cyclist. Back in 2001, the company released a commercial starring Mr. Armstrong. "Everybody wants to know what I am on. What am I on?" he asks. "I'm on my bike, busting my ass six hours a day. What are you on?"
Nike plans to continue supporting Livestrong, the cancer fighting charity that Mr. Armstrong helped found. He resigned as chairman of the organization yesterday.
Nike is not alone in parting ways with Mr. Armstrong. According to a USA Today report, at least seven separate sponsors ended their contracts with him yesterday.
- Nike Statement on Lance Armstrong - Nike, Inc.
- Paying the price: Doping case costs Lance Armstrong - USA Today
- Lance Armstrong stepping down as Livestrong chairman; Nike terminates contract with cycling icon over 'seemingly insurmountable evidence - New York Daily News
- Lance Armstrong gives anti-doping message in 2001 Nike commercial - New York Daily News
- Reactions Mixed to Tiger Woods' New Nike Ad - RetailWire
- Tiger Woods and the Risks of Celebrity Endorsements - RetailWire
- Nike Sidelines Michael Vick Shoe - RetailWire
- Is Michael Vick Endorsement-Ready? - RetailWire