Lance Armstrong’s former charity, made its largest investment to date, by giving $50 million to the University of Texas yesterday.
The money will launch the Livestrong Cancer Institutes at a new medical school breaking ground on the university’s Austin campus.
According to Livestrong President Doug Ulman the foundation has been charting a new course, since the foundation was met with fallout, after its standard bearer admitted to using performance-enhancing drugs after years of defiant denials.
"Our organization has always said we’re so appreciative of everything he did to get us to the point. Now the mission needs to live on," Ulman said.
Among the lowest points for Livestrong was when Nike cut ties with the foundation last summer — ending a partnership that built the cancer charity into a global brand and introduced yellow wristbands that became an international symbol for cancer survivors.
The relationship with Nike had generated more than $100 million of the roughly $500 million raised by Livestrong since its inception.
Now more than a year later, Livestrong is trying to send a clear signal that the foundation still has the financial wherewithal to carry on.
The new cancer institute will focus on educating cancer patients and help then get access to treatment and resources.
"Looking forward, it’s time for the Livestrong Foundation to embrace an even bigger mission," said Jeff Garvey, chairman of the foundation’s board.
The disgraced cyclist didn’t attend the announcement in his hometown, and his absence was noticeable.
Armstrong created Livestrong in 1997, while being treated for cancer.
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