Looks like public opinion has turned decisively against Lance Armstrong. According to a statement issued today, prime sponsor Nike (NYSE: NKE) officially terminated its contract with the cycling star.
Nike’s reversal of support for the embattled biker came after a report released yesterday indicated thatKathy LeMond–wife of that other American cycling legend Greg LeMond–testified under oath that, in a separate suit filed against Armstrong in 2006, Nike coughed up a $500,000 payoff to former Union Cycliste Internationale (UCI) president Hein Verbruggen in order to cover up a positive Armstrong drug test.
Another day, another aftershock stemming from the reams of evidence made public by the USADA.
One bit of silver lining in this dark cloud: the sporting goods behemoth (and extremely spendy sponsor of countless athletes and causes) will continue supporting Lance’s Livestrong foundation: Read more