The Livestrong Foundation, the cancer charity founded by disgraced cyclist Lance Armstrong, said on Tuesday (May 28) it has lost the sponsorship of Nike, its biggest corporate backer and creator of its well-known yellow wristbands.
Armstrong founded Livestrong in 1997 after he was diagnosed with testicular cancer, and the group flourished during his cycling career, which saw him win the grueling Tour de France race seven times. The cyclist stepped down from Livestrong after being stripped of his titles last year amid accusations that he used performance-enhancing drugs.
Nike, which has helped support the foundation since 2004, helped raise more than $100 million through creation of the group's distinctive yellow wristbands and production of Livestrong apparel and footwear, a Nike spokeswoman said.
Nike said it would end production of its Livestrong gear and apparel after the Christmas 2013 line but would continue to support the foundation by funding it directly.
A Livestrong spokeswoman said the contract with Nike was set to conclude at the end of 2014, and will not be renewed. She said the impact of the Nike move had been factored into the foundation's fiscal outlook.
Armstrong stepped down as chairman of the charity in October. Nike said at that time that it would still back the charity but no longer sponsor the man behind it.
Presented by Adam Justice