Phonak has confirmed its decision to end its association and sponsorship of its cycling team.
According to SportsBusiness.com, Phonak spent $3.07 million on sponsoring the team in the financial year 2005-2006.
Phonak Chief Executive Valentin Chapero said the company plans to move away from sports and refocus sponsoring on cultural events like music. It seems that the public mistook Phonak for a bicycle company instead of one of the world's largest makers of high-tech hearing aids.
All the negative publicity from so many positive doping tests couldn't have done Phonak much good, either.
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