Entertainment and Lifestyle

Athletes who lost huge endorsement deals

Most endorsement deals tend to come with moral clauses that let the company exit the contract if the celebrity lands in trouble or tarnishes their reputation. In the big-money world of celebrity endorsements, this is not an uncommon occurrence. Here’s a look at some of the biggest athletes who lost endorsements

  1. Lance Armstrong Money lost: Sh15b

On a single day in 2012, eight of Lance Armstrong’s 11 sponsors terminated contracts or announced plans not to renew them. A few days later, Oakley, Armstrong’s last remaining sponsor, cut ties with the iconic cancer survivor, whose name was synonymous with championship cycling.

The reason: The US Anti-Doping Agency released a report containing evidence that the seven-time Tour de France champion had taken and concealed his use of banned substances. Armstrong also had all of his titles stripped, was banned from cycling for life and saw his net worth plummet.

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