Nike to back away from partnership with Lance Armstrong
Those popular yellow “Livestrong” bands may be no more by the end of 2013, according to Nike. After Lance Armstrong admitted to using PED’s throughout his career, Nike has revoked their partnership and will no longer be linked to his name.
Those wristbands, along with any other “Livestrong” products, may be small but in total they generate $100 million potential revenue, which Nike is all too happy to walk away from. A big corporation like Nike they can surely pick up some of the slack, but it says a lot about what they stand for in regard to sports and standards by backing away from Armstrong’s name.
Now there is a slight hitch, those products do not just generate revenue for Nike but they also have done a lot to raise money for cancer research and awareness. By cutting their product line, Nike also cuts millions in funding towards cancer research and the assisting of cancer patients. Not to worry though, as Nike will still donate to the Livestrong foundation, they just won’t allow Armstrong to link himself to their company.
Corporation spokesman KeJuan Wilkins gave a statement on the matter to the public.
“Nike has made the decision to stop producing new Livestrong product after its Holiday 2013 line,” 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.”
While this may pose a hit to Livestrong’s revenues there is nothing to fear as the charity has been distancing itself from Armstrong this past year and has had no ill effects regarding its finances.
Good one on Nike for standing by their principles, as one of the biggest names in sports for them to pledge to not support cheating and drug use is a big stand to take, but one that needs to be done. The fact that they will still donate to the Livestrong Foundation despite the cut in revenue goes that much further to put them in the good light.
