How Much Money Is Armstrong Set to Lose?

Millions of dollars on the line for disgraced cyclist

   

Lance Armstrong 2005 300x225 How Much Money Is Armstrong Set to Lose?Disgraced ex-champion cyclist Lance Armstrong could lose millions of dollars now that he has admitted to using performance-enhancing drugs.

Armstrong reportedly confessed to doping last night in an interview with Oprah Winfrey. In the interview, which is set to run Thursday, he admits to the use of PEDs and apologizes to his fans — his first-ever public admission to doping.

And that means that he could stand to lose millions of dollars.

Armstrong has won multiple awards against media outlets that accused him of doping in that past. The London Sunday Times has already filed suit against him to reclaim a $500,000 libel award Armstrong won. At least two other groups, South Australia and SCA Promotions, have announced intentions to sue him for the return of sponsorship money paid to Armstrong.

In addition to the lawsuits, Armstrong is on the hook for the prize money he won during his Tour de France wins, which amounts to $4 million alone, Celebritynetworth reports. In addition to what he might have to pay back, the loss of Armstrong’s numerous sponsorship deals will cost him $30 million.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/01/how-much-money-is-armstrong-set-to-lose/.

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