A professional cyclist, a legend seven-time Tour de France champion, a founder of the Livestrong Foundation, an american hero that was able to build an empire for himself that ranged from his coffee shop “Juan Pelota Café”, a bike shop named “Mellow Johnny,” and investment SRAM Corporation, American bicycle component manufacturer. His empire however crumbled when he, Lance Armstrong, confessed on using banned performance-enhancing drugs throughout much of his cycling career. Lance Armstrong suffered the consequences of a world renowned athlete that was stripped of all of his major career achievements and merits, Nike, its major sponsor was the first to drop the athlete followed by Anheuser-Busch. The charity named and founded after the athlete, Livestrong, saw its revenue decline 22 percent and saw its founder walk away as chairman “to spare the foundation any negative effects as a result of controversy surrounding my cycling career.” The stakeholders in this case were major businesses such as Nike, SRAM corporation, Anheuser-Busch and many others, but far most importantly those patients that were benefited by the Livestrong Foundation. As time passes Lance Armstrong is slowly cycling his way back to the public eyes, trying to add himself to the list of public personalities that have successfully made is through a major scandal.
Lance Armstrong doping confession on Oprah: