Livestrong Takes Hit After Lance Armstrong Confession
AUSTIN (CBSDFW.COM/AP) — The Livestrong cancer charity reports a sharp downturn in donations and revenue in 2013 after founder Lance Armstrong admitted taking performance-enhancing drugs during most of his record-setting cycling career.
In federal forms released this week, Livestrong noted its donations dipped 34 percent, from nearly $23 million to $15 million after the Plano-native made the admission in a televised interview with Oprah Winfrey in January 2013. Total revenues also took a 38 percent dive after commercial sponsorships were canceled or not renewed.
Without specifically referring to Armstrong, Livestrong blamed the financial downturn on fallout from "revelations and disclosures" made in January 2013.
Armstrong, a cancer survivor, started the charity as the Lance Armstrong Foundation in 1997. He was removed from its board of directors in late 2012, around the same time the foundation changed its name.
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