It is a known fact that celebrities and athletes earn a lot from other ventures excluding their primary day jobs. Most companies and corporations realize a lot of profits from having their brand promoted by these celebrity images and statuses, giving birth to the idea of endorsement deals. The big companies negotiate very lucrative deals (often in terms of a contract) with big-name celebrities to promote their products, like most contracts, these endorsement deals contain clauses meant to protect both parties involved. Since the stars are intended to promote brands, they are expected to always be on the right side of the public, avoid controversies and constantly put the products in a positive light. The fundamentals seem easy and benefit both parties greatly, but some of these celebrities have somehow manage to mess up the whole rules guiding their contracts with these companies. Here are 12 celebrities who have managed to lose out on significant endorsement deals
The famous professional cyclist, Lance Armstrong had quite a lucrative career, winning a lot of medals in his field even though he retired twice. The cyclist who survived testicular cancer in 1996 was highly regarded as a legend on the tracks until 2012. The cyclist had been suspected for doping since his win at the 1999 ‘Tour de France.’ In 2012, the ‘United States Anti-Doping Agency’ released an investigation that proved all doping allegations held against Armstrong to be true. The cyclist was stripped of all his titles and lost eight of his eleven endorsement deals in one day, he reportedly lost $75 million worth of contract money that day. A few days later, he lost his last sponsor, Lance nonprofit organization, ‘Livestrong,’ also lost its ties with ‘Nike’ in 2013. Lance lost a total of $150 million in all his severed contract deals.
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