NIKE, Inc. : Nike To Support Livestrong; 'Saddened' It Was Misled by Armstrong
01/18/2013| 07:30am US/Eastern
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By Melodie Warner
Nike Inc. (NKE) said it will continue to support the Livestrong Foundation, although it already terminated its contract with former professional cyclist Lance Armstrong in October.
In an interview with Oprah Winfrey that aired Thursday evening, Mr. Armstrong said he used performance-enhancing drugs to win his seven Tour de France titles. While being treated for testicular cancer, he created the Lance Armstrong Foundation, which is now known as the Livestrong Foundation. In October, Mr. Armstrong stepped down as chairman of the charity amid fallout from doping allegations.
On Friday, Nike said it doesn't condone the use of illegal performance-enhancing drugs in any manner and the company remains "saddened after being misled for more than a decade."
The maker of sports apparel pledged continued support of Livestrong's initiatives to help people affected by cancer.
Write to Melodie Warner at melodie.warner@dowjones.com.
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