After Nike Cuts Ties With Armstrong, Other Companies Follow Suit
Nike Lance Armstrong sign. Photo: Bump/Flickr
Bicycling's Joe Lindsey has written two detailed articles on the business of being Lance Armstrong. Right now, business is not good. After Nike dropped Armstrong following his decision to step down as chairman of Livestrong, several other major companies announced plans to sever ties with the cyclist. The other companies that decided to cut ties with Armstrong include Trek, Giro, FRS, Honey Stinger, 24 Hour Fitness, Anheuser-Busch, and Radio Shack.
Because not all of the details in Armstrong's deals are public, speculation as to how much he might lose have varied. An article appearing in Bloomberg estimated Armstrong could lose $30 million in earning potential. Forbes reporter Patrick Rische estimated Armstrong will lose a future earning potential of $150 million dollars. Armstrong's lone remaing major sponsor is Oakley. The company has indicated it will wait to hear what the UCI has to say about Armstrong before making a decision.