Nike Drops Lance Armstrong and Lance Armstrong Drops Livestrong

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10/17/2012| 0 comments
by AP and Roadcycling.com
Nike has dumped Lance Armstrong who has quit Livestrong Fotoreporter Sirotti

Nike Drops Lance Armstrong and Lance Armstrong Drops Livestrong

Lance Armstrong stepped down as chairman of his Livestrong cancer-fighting charity and Nike severed ties with him as fallout from the doping scandal swirling around the famed cyclist escalated further earlier today.

has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors," Armstrong said.

As chairman, Armstrong did not run the foundation's day-to-day operations, which are handled by Livestrong president and chief executive Doug Ulman.

Ulman had said last week that Armstrong's leadership role would not change. Armstrong's statement said he will remain a visible advocate for cancer issues, and he is expected to speak at Friday night's 15th anniversary gala for Livestrong in Austin.

"My family and I have devoted our lives to the work of the foundation and that will not change. We plan to continue our service to the foundation and the cancer community. We will remain active advocates for cancer survivors and engaged supporters of the fight against cancer," Armstrong said.

CharityWatch, which analyzes the work of approximately 600 charities, lists the foundation among its top-rated organizations. That status normally goes to groups which "generally spend 75 percent or more of their budgets on programs, spend $25 or less to raise $100 in public support, do not hold excessive assets in reserve" and disclose basic financial information and documents.

Livestrong says it had functional expenses totaling nearly $35.8 million last year and 82 percent of every dollar raised went directly to programs, a total of more than $29.3 million.

The foundation reported a spike in contributions in late August in the days immediately after Armstrong announced he would no longer fight doping charges and officials moved to erase his Tour victories.

Daniel Borochoff, founder and president of Chicago-based CharityWatch, said last week it may take some time for donors to digest the allegations against Armstrong.

"Individuals that admire and support an individual who is later found out to be severely tarnished, don't want to admit it, don't want to admit that they've been duped," Borochoff said. "People, though, do need to trust a charity."

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