Lance Armstrong loses ruling over Tour de France bonuses

Reuters| Updated: Feb 17, 2015, 08:59 AM IST
Lance Armstrong loses ruling over Tour de France bonuses

Lance Armstrong was ordered to pay $10 million to a sports insurance company after arbitrators ruled against the disgraced cyclist over bonuses he received during his Tour de France winning streak, the firm said on Monday.

Dallas-based SCA Promotions had paid $12 million in bonuses to Armstrong but sued to get its money back after the American had admitted to doping.

The arbitrators issued the award to SCA after a multi-day evidentiary hearing during which Armstrong testified.

"According to the arbitrators` written ruling, the sanctions award punishes Armstrong for engaging in `an unparalleled pageant of international perjury, fraud and conspiracy,`" SCA said in a statement.

The bonus money from SCA was for three of Armstrong`s seven Tour de France victories. Armstrong was stripped of his titles and handed a lifetime ban in 2012, after a U.S. Anti-Doping investigation.