Amid mounting evidence of doping, sporting icon Armstrong has lost Nike as a sponsor and beer maker Anheuser-Busch says it will not renew his contract.
The cyclist, who won a record seven Tour de France titles and beat testicular cancer, was a vocal critic of drug use in sport. But he is no longer challenging the charges against him.
He has resigned as the head of the Livestrong cancer support charity he founded.
With Armstrong’s once glittering reputation becoming more tarnished by the day, Mike Paul of PR firm MGP and Associates says his foundation is at risk.
“People believe there is so much evidence, with sponsors dropping, that it is the truth. Do I think it can survive? If Lance comes clean and admits that he has done wrong and he lied to the world, then yes, I think it can survive. If he continues, I think it probably will just eventually dry up.”
Livestrong is due to hold a fundraising gala later this week in Armstrong’s Texas hometown and says donations are on the rise despite the scandal.
The Head of the International Cycling Union is being called on to take action or quit by commercial partners concerned the whole sport could be tarnished by the affair.