Lance Armstrong at risk of losing personal fortune in federal lawsuit

Lance Armstrong at risk of losing personal fortune in federal lawsuit Photo:

Lance Armstrong is facing an increased risk of losing his personal fortune and could owe nearly $100 million if the U.S. government wins its ongoing lawsuit against him, reports USA Today

The lawsuit claims that Armstrong violated his contract with the U.S. Postal Service, which paid $40 million to sponsor his team, when Armstrong and the team admitted to using performance-enhancing drugs. Armstrong was stripped of his seven Tour de France titles in 2012.  

In June, a federal judge in U.S. district court denied Armstrong's request to dismiss the case. The judge, Robert Wilkins, indicated that the government has a strong case against Armstrong.

The cyclist is also involved in a separate case in Texas that USA Today reports could cost him $12 million. 

From USA Today

Armstrong, 42, recently scaled down his empire. He moved out of his dream house in Austin, sold his private jet and joined the herd flying on commercial airlines ... Armstrong declined to comment on the situation to USA TODAY Sports but last year told cycling writer Joe Lindsey, "I don't have $100 million."

CYCLING: Armstrong seeks return to Livestrong or new cancer foundation 

- Molly Geary

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