Doping Allegations Cost Armstrong’s Foundation $10M

Doping allegations on the seven time tour de France champion, Lance Armstrong is projected to cost up to $10 million in loss of donations to his Cancer Foundation.
Currently the allegations of Armstrong’s possible drug involvements are being investigated by the Federal prosecutors in Los Angeles, with the case still not made public. The federal investigation was initiated after Armstrong’s former team mate, Tyler Hamilton told in a television interview carried out on May 22 in “60 Minutes” on CBS News that he has witnesses Armstrong taking performance enhancers. However the 9 year old testicular patient has repeatedly denied taking any performance enhancers to win the cycling championships.
Armstrong supports the Livestrong cancer foundation in Texas which is the largest athlete funded and founded charity for supporting various causes. The foundation has raised $48.4 million in 2010 by selling more than 80 million yellow bracelets in order to raise awareness for cancer. It is projected that more than 10 to 02 percent of the donations and revenue to the foundation might be reduced if the allegations against the seven time Tour de France champion are proven to be true.

However Armstrong’s sponsors RadioShack Corp. (NYSE:RSH), Nissan Motor Co. and Anheuser-Busch InBev have decided to stand behind him even after emergence of the fresh allegations.
Most of his work concerned with the Livestrong charity is connected to his hope inspiring work and the book published by him “It’s Not About the Bike” that has documented his struggle with testicular cancer. Most of his foundation’s donators do not care if he ever took performance enhancing drugs.
Since the foundation of the LiveStrong foundation in 1997, initially named as Lance Armstrong Foundation, it has raised more than $400 million. The spokeswoman for LiveStrong, Katherine McLane said that the doping allegations will prove as distraction to the mission of the foundation. McLane released a statement from Armstrong that said that their foundation does not only represent him, but more than 28 million cancer patients worldwide.
McLane said that their foundation is involved in supporting the patients and their families who suffer from cancer and support them through the hardest part of their lives. In 2009, Livestrong was ranked as the 85th charity with having raised $49.3 million raised in private donations. It is the top athlete founded charity in the top 500 list. It is projected that the charity will only suffer financial losses till Armstrong is in the news.