Nike Confirms Rumors That It Plans To Leave Snowboarding, Freeskiing Industry

Nike has confirmed it is "getting out of the snowboarding and freeskiing industry, just as its 2014-15 line of boots and outerwear is arriving in stores," according to Colin Bane of ESPN.com. Rumors about the move "had been circulating since the company's fiscal year 2014 results statement in June -- when Nike reported growth in every key area except its action sports division -- and began escalating last week." The company on Thursday released its Q1 financials. Wasserman Media Group VP/Action Sports & Olympics Steve Ruff said, "It's been a pretty open secret. They're going to honor and pay out everyone's contracts that are in place." Bane noted Nike sponsors several notable snowboarders and freeskiers, including Gold Medal-winner Sage Kotsenberg and fellow Olympians Louie Vito, Danny Kass and Scotty Lago. Kotsenberg is repped by WMG, and Ruff said his client is "already getting some interest from other sponsors." Ruff: "We're certainly going to be taking some of those conversations" (ESPN.com, 9/25).