After 7 Wins, $125m In Riches, US Cyclist Admits To Cheating

Lance Armstrong net worth: Lance Armstrong is an American professional cyclist who has a net worth of $125 million. In the last few years, Lance Armstrong has become a controversial figure around the world.

?In October of 2012, Armstrong was banned from professional racing amid allegations that he used steroids. Lance was forced to give up his seven Tour de France medals and lost all of his major sponsors including Nike and Anheuser Busch. Armstrong is also an inspiration to millions of cancer patients as he was able to raise over $80 million for cancer research during his career.

It is unclear, though, how forthcoming Armstrong was about his doping program, which the United States Anti-Doping Agency has said was part of the most sophisticated, organized and professional doping scheme in the history of sports. Armstrong, when reached by e-mail Monday, said he could not discuss the interview.

Acknowledging his doping past has cleared the way for Armstrong to take the next step in trying to mitigate his lifetime ban from Olympic sports. He is planning to testify against several powerful people in the sport of cycling who knew about his doping and possibly facilitated it, said several people with knowledge of the situation.

The court of public opinion weighed in decidedly against Lance Armstrong ahead of the broadcast of his interview with Oprah Winfrey, who confirmed media reports Tuesday that the cyclist acknowledged using performance-enhancing drugs after years of denials.

After CBS and other media outlets reported that Armstrong admitted using banned substances, Winfrey said her team and Armstrong’s camp had originally agreed not to leak details of the interview. She said she decided to appear on “CBS This Morning” because Armstrong’s acknowledgment had “already been confirmed.”

Winfrey, appearing on “CBS This Morning” on Tuesday, did not describe Armstrong’s statements in detail but said the former cyclist was forthcoming in what she said was an exhausting and intense interview taped in Armstrong’s hometown of Austin, Texas.

Cyclist Lance Armstrong has been stripped of his seven Tour de France wins and banned from the tournament for life, the International Cycling Union announced Monday, October 22. Pictured, Armstrong addresses participants at The Livestrong Challenge Ride on Sunday. He stepped down as chairman of his Livestrong cancer charity on Wednesday, October 17.