Many of Lance Armstrong’s high-profile sponsors have pledged to stick by the cyclist after he was stripped of all titles and banned from competing for life. Armstrong’s fall from grace began last night when he announced that he was going to quit fighting the USADA’s doping charges against him.
Though Armstrong could lose millions in winnings and endorsements fees after being stripped of his racing titles (Forbes estimates a loss of $50 million over the next five years), many of his high-profile sponsors have said that they will stick by him, for the very least, thanks to his work with the Livestrong Foundation. Armstrong’s Livestrong Foundation is also standing by the cyclist, releasing a statement that read:
“With his help, the foundation has raised close to $500 million to further the fight against cancer and serve those affected by the disease,” and that Armstrong “personally contributed nearly $6.5 million to propel his foundation’s services to cancer survivors and their families.”
Among Armstrong’s supportive high-profile sponsors, Nike released this statement pledging their support:
“We are saddened that Lance Armstrong may no longer be able to participate in certain competitions and his titles appear to be impacted. Lance has stated his innocence and has been unwavering on this position. Nike plans to continue to support Lance and the Lance Armstrong Foundation, a foundation that Lance created to serve cancer survivors.”
Anheuser-Busch and sunglasses maker Oakley have also pledged to stand by Armstrong, though bike maker Trek said it hasn’t made a final decision.