@LanceArmstrong Looses Nike Contract and Steps Down From Livestrong Foundation Due to “Insurmountable Evidence” of Drug Usage (video inside)

| October 18, 2012 | 0 Comments

 Lance Armstrong takes another hit to his once flawless reputation. The Former 7 time Tour De France champion and world class cyclist was stripped of his titles by the Olympic doping agency. Now he’s lost his Nike contract and has stepped down from his post as chairman of his charity Live Strong.

Armstrong announced this morning that he was stepping down as chairman of Livestrong, a cancer-fighting charity that he founded as the fallout from the doping allegations continued to plague his legacy.

In a statement released by Armstrong about stepping down, he said “”To spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.” Jeff Garvey, an Austin Texas based venture capitalist will take over as chairman. Armstrong will remain on the board said a foundation official.

When it rains, it pours. Before he announced that he would step-down, Lance had his Nike contract revoked. In a statement from Nike, a represent said  “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 said in a statement.

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Armstrong founded the Lance Armstrong Foundation in 1997 after being diagnosed with testicular cancer 1996. The foundation launched Livestrong in 2003 to provide services to cancer patients.

Armstrong was stripped of his 7 Tour de France titles after the U.S. Anti-Doping Agency published a 1000 page report last week that said the now retired American took part in and organized an elaborate and sophisticated doping scheme on his way to his success as a cyclist.

The USADA report accused Armstrong, as head of the US Postal Service Pro Cycling Team, of running “the most sophisticated, professionalized and successful doping program that sport has ever seen.” The report included sworn testimony of 26 people, including 15 riders, who described years of performance-enhancing drug use.

Since being stripped of his titles in August, the Livestrong foundation has actually raised more money and gain more contributors.

Armstrong has denied vehemently that he has ever doped or participated in doping.

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