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Michael Ozanian, Forbes managing editor, on Lance Armstrong being stripped of his titles due to a doping scandal, and how this will impact his Livestr...
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Wealthy -- US Anti Doping Agency stripping on some strong of his seven -- -- -- Amidst allegations he used performance enhancing methods.
Throughout his Korea.
Joining us today with more on the impact of this will have on Armstrong sponsorships and his.
Live strong foundation is my -- -- He's the -- managing editor and co host of these sports finance show sports money on the yes network so.
Okay.
Michael.
Why did -- some strong give up he's always maintained his innocence was it just a case of I give they'd even though I don't admit that I'm guilty.
I think that's what it is they've been going after him for years actually and he's passed over 500 -- drug tests.
And this is been going on there's been constant allegations by other riders who said they've heard this -- witness that.
These charges are from years ago so I don't know -- there's no statue of limitations -- what the cases.
So I guess Armstrong at this point is just giving up.
So he did did he failed these doping -- that he took is that it I mean is the is the evidence that strong.
You know I don't know what the actual results of the tests show I do know that they're from years ago and you gotta wonder if he failed the -- years ago well then why wasn't he charged and found guilty then.
But how -- he continued to -- these charges to this point.
-- these charges seem to be brought up.
Every so often when somebody else says something -- says they claim they witnessed something.
But as far as I know when he's gone head to head he's always beaten the charges.
All right so he's already lost the titles are being stripped now the seven -- -- titles what does this do for him as an entity.
He makes multi millions a year in sponsorships and speaking fees ten million dollars conservatively.
What happens to that do you think well first of all he's going to have to give backs winnings from the period which he's accused of using these performance -- happened -- enhancing drugs that will be several million dollars right there.
It is -- He was earning about seventeen million dollars a year just from endorsements right now that figures a little above ten million dollars.
He's probably gonna lose some of that.
But I think he's still gonna do well because of the tremendous amount of work.
The foundation has done that he runs to help people who are fighting cancer over 470 million dollars that foundation has raised.
Since 1997.
He has a lot of good will still out there with the public Nike has said they're still gonna continue to come out and support the foundation.
And I think that's gonna help him at this point.
Well are you surprised he took this step I mean because the ramifications are quite big and -- loses the titles.
I wasn't aware that he had to give back the prize money of some seven million that's a huge hit right -- -- this is a big step for him is -- I -- I I just think at some point he wanted to get this passed them I I've never -- don't personally but you gotta wonder.
You know if they go after -- year after year after year.
At some point do you say you know I don't need this -- I'm done -- I'm retired and you know do whatever you want -- they'll.
Right my closing in thank you so much for joining us really appreciated -- should read some of the comments of the French newspapers today.
Because they're taking gratefully.
