...three of Armstrong's sponsors announced the termination of their partnership with the cyclist. Particularly, they are the Nike, Anheuser-Busch and Honey Stinger.
Austin, TX (PRWEB) October 18, 2012
In August, Lance Armstrong was banned for life from cycling and was stripped of all the titles he got all throughout his career. In addition to that, latimes.com reported that he was also just dropped by several of his sponsors. Nevertheless, GreenBeanBuddy said that no one could blame those companies.
The report said that just this Wednesday, three of Armstrong's sponsors announced the termination of their partnership with the cyclist. Particularly, they are the Nike, Anheuser-Busch and Honey Stinger. The cancellation of their sponsorship came a week after the U.S. Anti-Doping Agency released a detailed report about Armstrong's alleged use of illegal drugs and blood transfusions to gain advantage in cycling competitions.
On the same day, October 17, 2012, the report added that Armstrong also stepped down as chairman of Livestrong. A separate post from washingtonpost.com detailed that the 41-year-old stated he want to spare the foundation from any negative effects that could result from the controversies surrounding him and his career.
Nonetheless, despite dropping the cyclist, most of his sponsors expressed that they will continue to support the foundation.
Here is an excerpt from the post Commercial Fallout Hits Lance Armstrong by GreenBeanBuddy.com.
“In August, Lance Armstrong was banned by the U.S. Anti-Doping Agency from cycling for life. Apart from that, he was stripped of all the titles he gained in his whole 14 years cycling career, including the seven for Tour de France. And as a dominoe effect, a number of his major endorsements were canceled.
The decision of USADA, stripping Armstrong of all his titles and banning him for life from his sport, was due to the doping allegations against him and his teams. Particularly, it stemmed up from his own decision not to fight the agency's accusations in arbitration.”
Entertainment and sports news website GreenBeanBuddy.com said that the dropping of Armstrong as an endorser of several companies was another big blow to his image. However, the site commented that the companies that bailed out on him can't be blamed. As it said, they were just doing what is best for their businesses.
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