Nike terminates its contract with Lance Armstrong

Nike has terminated its contract with Lance Armstrong.

In a statement issued earlier today, the company says:

"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 does not condone the use of illegal performance enhancing drugs in any manner.

"Nike plans to continue support of the Livestrong initiatives created to unite, inspire and empower people affected by cancer".

American multinational corporation Nike Inc. has a highly visible worldwide sponsorship programme, supporting its product mix of footwear, apparel, equipment, accessories and services. Its headquarters is near Beaverton, Oregon, in the USA.

Nike is world leader in the supply of athletic shoes and clothing and a major manufacturer of sports equipment. Its FY 2012 revenues exceeded US$24.1 billion and it employs more than 44,000 people worldwide.

41-year old professional road racing cyclist Armstrong is a former world champion and won the Tour de France seven times between 1997 and 2005.

But in June this year he was charged by the U.S. Anti-Doping Agency (USADA) with having used illicit performance enhancing drugs. Cancer-surviving Armstrong was subsequently stripped of all titles by the organisation and a lifetime ban from competing in the sport was imposed on him, though the ban has yet to be ratified by UCI, the sport's governing body.

Armstrong riding to victory at L'Alpe d'Huez, during stage 10 of the 2001 Tour de France. Source: w:en:User:Ricadus (Wikipedia: public domain)