Components manufacturer SRAM on Thursday joined the cadre of sponsors distancing themselves from embattled former world champion Lance Armstrong this week.
The day after Nike, Trek and others cut ties with Armstrong, who faces a lifetime ban after the U.S. Anti-Doping Agency last week detailed a 14-year doping conspiracy surrounding the Texan, SRAM announced that it would do the same.
“SRAM is officially terminating its product sponsorship agreement with Mr. Armstrong. SRAM is disappointed with the revelations that the USADA report has brought forth,” SRAM’s public relations and media manager Michael Zellmann said in a statement. “Moving forward, SRAM will maintain its support of the Livestrong Foundation, as we believe in its purpose and value. Additionally, SRAM will continue to support the Bontrager-Livestrong cycling team.”
In 2008, Armstrong purchased what Zellmann referred to as a “small share of a minority private equity” in the Chicago-based company. In preparation for an Initial Public Offering, SRAM purchased those shares from Armstrong in June 2011.
“SRAM bought out the private equity investment in June of 2011 that included Mr. Armstrong’s interest,” said Zellmann. “Mr. Armstrong has not had an investment in SRAM since that time.”