The ruling from UCI anxiously awaited by the cycling community was handed down today, officially stripping Lance Armstrong of his seven Tour de France titles and setting off a shock wave throughout the industry that began last week with the pull-out of most major Armstrong sponsorships.
SCA Promotions, the insurance company that covers the performance bonus for Armstrong and other riders, says it wants all money paid to the cyclist returned, estimated by the BBC at $7.5 million. SCA said it “is considering all legal options to pursue a return of the funds paid.”
“Mr. Armstrong is no longer the official winner of any Tour de France races and, as a result, it is inappropriate and improper for him to retain any bonus payments made by SCA,” CNN and other news sources reported.
Trek Bicycles, Giro, 24 Hour Fitness, Honey Stinger and now Oakley joined the list of sponsors dropping Lance Armstrong following Nike's announcement it had terminated its sponsorship contract with the dethroned Tour de France champion in the face of “insurmountable evidence” that he took performance enhancing drugs.
“Our policy with our athletes is to support them until proven guilty by the highest governing body of sport or court of law, and will await final decision-making by the International Cycling Union,” Oakley said in a statement run by several news sites. That ruling came today.
“When Lance joined our family many years ago, he was a symbol of possibility,” the company said in a statement. “We are deeply saddened by the outcome, but look forward with hope to athletes and teams of the future who will rekindle that inspiration by racing clean, fair and honest. We believe the Livestrong Foundation has been a positive force in the lives of many affected by cancer and, at this time, Oakley will continue to support its noble goals.”
In its statement Wednesday Nike attributed its decision to a report released a week earlier by the United States Anti-Doping Agency (USADA) that included accusations of widespread doping by Armstrong and his teams. “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.”
Armstrong also stepped down as chairman of the Livestrong charity that has raised more than $500 million to fight cancer and support cancer patients and survivors. Radio Shack and Anheuser-Busch also announced they were dropping their sponsorships of Armstrong last week.
“Lance Armstrong has no place in cycling,” International Cycling Union president Pat McQuaid said in a release.
