Trek, SRAM, Giro, Radioshack and brewer AB InBev have followed Nike in dropping Lance Armstrong in the wake of the doping scandal which has engulfed cycling.
Oakley is the only high-profile sponsor to still have Armstrong on its books but is reviewing its relationship with the disgraced American.
“Our policy with our athletes is to support them until proven guilty by the highest governing body of sport or court of law,” Oakley said in a statement. “We are reviewing the extensive report from the USADA, as well as our relationship with Lance, and will await final decision-making by the International Cycling Union.”
Armstrong earned an estimated $15.3m from sponsorship deals in 2011, according to Burns Entertainment and Sports Marketing.
Armstrong’s deal with Nike is reported to have been worth between $8m and $12m a year. The sportswear giant initially stood by Armstrong but performed a spectacular U-turn on Wednesday to end its 16-year association with the cyclist.
Armstrong rode a Trek bike for each of his now nullified seven Tour de France victories but the manufacturer has cut its commerical ties with the 41-year-old in light of “the findings and conclusions in the USADA report”.
Armstrong was labelled a “serial cheat” and leader of the “most sophisticated, professionalised and successful doping programme that sport has ever seen” in a 1000-page dossier published by the United States Anti-Doping Agency last week.
A statement released by Trek read: “Trek is disappointed by the findings and conclusions in the USADA report regarding Lance Armstrong. Given the determinations of the report, Trek today is terminating our long-term relationship with Lance Armstrong.”
Armstrong continues to hold a small minority share in Trek, said to be less than a quarter of one per cent, which was awarded to him in the early 1990s.
Armstrong also had a “minority private equity investment” in SRAM from September 2008 to June 2011 and the component manufacturer has also now moved to terminate its product sponsorship agreement with Armstrong, in turn announcing its “disappointment with the revelations that the USADA report has brought forth.”
Armstrong also endorsed and wore Giro helmets but the company, owned by Easton Bell, has also cut its ties to the former US Postal rider.
Electronics retailer Radioshack had a multi-year agreement with Armstrong starting in July 2009 but said it had “no current obligations” with him and that the relationship between the two parties had ended.
Trek, Giro, Nike, RadioShack and AB InBev will continue to support the Livestrong Foundation.