Nike to stop making Livestrong products

  @emilyjanefox May 28, 2013: 2:28 PM ET
nike livestrong

Nike has raised more than $100 million for the Livestrong Foundation over the last nine years.

NEW YORK (CNNMoney)

Nike will stop making products for the Livestrong Foundation at the end of this year, the company said on Tuesday.

The move comes as no surprise, since Nike (NKE, Fortune 500) ended its contract last fall with controversial cyclist Lance Armstrong, who was also Livestrong's founder.

Nike has been distancing itself from Armstrong since the U.S. Anti-Doping Agency released reports in October outlining the extensive doping allegations made against him when he won the Tour de France seven years in a row from 1999 to 2005. The agency banned Armstrong from cycling for life and stripped him of the titles he earned during his 14-year career, including the Tour wins.

Armstrong, a cancer survivor, had founded Livestrong in 1997. He stepped down as chairman of the charity soon after the October reports, in order "to spare the foundation any negative effects as a result of controversy surrounding my cycling career."

Nike's long list of tainted sponsorships

Nike has been a big supporter of the Livestrong Foundation, which provides free support services, programs and resources to help people with cancer. Over the last nine years, with the public backing of Armstrong, Nike raised more than $100 million for the charity and has sold 87 million of the signature yellow Livestrong wristbands.

Nike said in a statement that this year's holiday line will be its last, but that it will continue to support the foundation by funding it directly.

Related: How Lance Armstrong will make money now

Besides Nike, other companies, like Anheuser-Busch and Radio Shack (RSH), also ended their ties with Armstrong.

The Livestrong Foundation said in a statement that it's grateful to Nike for the time, resources and creative drive it brought to partnership. To top of page



Join the Conversation
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.