Corporate sponsor Nike Inc. said Wednesday it is sticking by Armstrong and the foundation.
"Lance has stated his innocence and has been unwavering on this position. Nike plans to continue to support Lance and the Lance Armstrong Foundation, a foundation that Lance created to serve cancer survivors," the company said.
Corporate sponsors rarely pull out when the spotlight on controversy is white hot, Borochoff said. When the issue calms down, companies start to re-evaluate their commitment.
"Usually in a big crisis, companies hold back. They know from a marketing, (public relations) point, it would not look good," Borochoff said.
George Merlis, founder of Experience Media Consulting Group in Los Angeles, said Armstrong's defiance is risky for his charity.
"Every stone wall eventually crumbles," Merlis said. "There are second acts in American life. He needs to do a mea culpa and ask that the charity not be hurt."
Associated Press reporter Teresa Crawford in Chicago contributed.
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