Originally Posted by
bikepro
I've read nothing to confirm my suspicions, but I think what actually happened is that Nike told Armstrong they were going to drop him, and unless he resigned from Livestrong, they would drop support for them as well. I'm sure there will be more fallout in the near future. I'm sure the late night joke writer's are sharpening their pencils just for Lance.
My thoughts run towards a negotiation between Lance, the foundation, and Nike, with the key factor being Nike continuing to support the foundation financially, by selling Livestrong gear and paying royalties. Lance remains a board member, just not Chairman, and I'd bet that was done with the approval of major supporters like Nike.