Lance Armstrong May Have to Pay Company Back Millions After Being Stripped of Titles
7 months ago
Armstrong may have to pay up to $12 million back to a company that paid him for his now-vacated victories
Lance Armstrong could be losing much more than his seven Tour de France titles.
After being dropped by sponsors Nike, Dutch bank Rabobank and most recently Oakley sunglasses (which had been an Armstrong sponsor since he was 16) the now banned cyclist may have to pay a Texas promotional company back millions of dollars they awarded him for winning the Tours.
Dallas-based SCA Promotions paid Armstrong $7.5 million for winning his sixth Tour title in 2004, and since he has been stripped of the victories the company's lawyer said they may consider legal action.
"Mr. Armstrong is no longer the official winner of any Tour de France races, and as a result it is inappropriate and improper for him to retain any bonus payments made by SCA," the company's lawyer Jeffrey Dorough said in a statement.
SCA paid Armstrong $5 million as a performance bonus. Armstrong then sued them for an additional $2.5 million in interest and attorney fees that he was awarded as part of a 2006 legal settlement.
The company asserts that they paid Armstrong around $12 million total. No one from SCA made clear just how much they may try to get back.