Lance Armstrong was worth a lot before confessing on doping. $125 Million dollars earned from various sponsorships from his 7 championships. He was still worth his value in news as the Armstrong broadcast on Oprah itself could well exceed the 3.5 million viewers for that show. He will still have a lot left over after some of his bounty is returned.
At the peak of his career, Lance was one of the highest earning athletes in the world and earned up to $20 million per year from endorsements and prize money. In retirement, Lance has continued to earn roughly $15 million per year from speaking engagements, public appearance fees and sponsorships, but all of that is gone now. Armstrong also lost several lesser known endorsement deals, and other speaking engagement income loss would have to be counted.
In October of 2012, Armstrong was banned from professional racing amid allegations that he used steroids. Losing glory and honor, Lance was forced to give up his seven Tour de France medals. Dealing a financial blow, Armstrong was abandoned by all of his major sponsors including Nike, Oakley, Trek and Anheuser Busch.
BLOW TO OTHERS
Armstrong’s rise against cancer, and eventual 7 victories has been an inspiration to millions of cancer patients who helped contribute nearly $500 million for cancer research during his career. Who will they rally to now?
This big biking fiasco will likely mean that Lance will be required to pay back $4 million in prize money he earned for those victories. As if that wasn’t painful enough, with each Tour victory, Lance also received performance incentive bonuses from his US Postal Team. In total, Armstrong received $7.5 million between 2002 and and 2006 in bonuses which were paid out by a Texas based insurance company called SCA Promotions. SCA Promotions sued Armstrong back in 2005 over $5 million they refused to pay amid his steroid allegations. They ended up losing the lawsuit and had to pay the full $5 million plus another $2.5 million in damages.
So in the short term, Lance is likely going to have to pay back $12.5 million in bonuses and prize money. Plus he will lose a minimum of $30 million in short term endorsement dollars. But the real blow to Armstrong’s wallet will happen in the long run since his reputation as a champion and philanthropist has been decimated. It’s conceivable that over his lifetime, Lance Armstrong will lose hundreds of millions of dollars personally.
If you deduct all of that from his estimated $125m net worth, he may still net roughly $50 to $70 Million dollars net of returns and lawsuits. There will be no “future” sweet income to look forward to, but if he’s as smart in money as he is on doping, that should be enough to last his lying lifetime.