Lance Armstrong Net Worth 2022 (Forbes) – Salary, Income, Earnings

Lance Armstrong Net Worth 

Lance Armstrong has an estimated net worth of $50 million. Lance Armstrong is a cancer survivor and former professional cyclist who was stripped of his seven Tour de France wins due to evidence of performance-enhancing drug use. He earns most of his income from his career as a road racing cyclist and brand endorsements. 

Lance Armstrong began his professional cycling career as a triathlete. His career was cut short by testicular cancer, but he returned in 1999 to win a record seven consecutive Tour de France races. Following years of denial, Armstrong admitted to doping throughout his cycling career in 2013, after being stripped of those titles in 2012 due to evidence of performance-enhancing drug use.

To calculate the net worth of Lance Armstrong, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Lance Armstrong
Net Worth: $50 Million
Monthly Salary: $1 Million
Annual Income: $10 Million
Source of Wealth: Professional Road Racing Cyclist, Athlete

Early Career

Armstrong was born on September 18, 1971, in Plano, Texas, and was raised in the Dallas suburbs by his mother, Linda. Armstrong was a natural athlete from a young age. He began running and swimming at the age of ten, and competitive cycling and triathlons at the age of thirteen. Armstrong became a professional triathlete at the age of 16 and won the national sprint-course triathlon title in 1989 and 1990.

Soon after, Armstrong decided to concentrate on cycling, his strongest and favorite sport. The United States Olympic Development Team invited him to train in Colorado Springs, Colorado, during his senior year of high school. Armstrong temporarily dropped out of high school to do so, but he later resumed his studies and graduated from high school in 1989.

The following summer, he qualified for the 1990 junior world team and finished 11th in the World Championship Road Race, the best time ever set by an American since 1976. That same year, he won two major races, the First Union Grand Prix and the Thrift Drug Classic, and became the United States’ national amateur champion.

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International Cycling Star

Armstrong competed in his first Tour DuPont, a 12-stage race covering 1,085 miles over 11 days, in 1991. Despite finishing in the middle of the pack, his performance signaled the arrival of a promising newcomer to the world of international cycling. Later that summer, he won a stage at Italy’s Settimana Bergamasca race.

Armstrong was favored to win the road race in Barcelona, Spain, after finishing second in the Olympic time trials in 1992. He finished 14th with a surprisingly sluggish performance. Undaunted, Armstrong went pro right after the Olympics, joining the Motorola cycling team for a respectable yearly salary. Despite finishing dead last in his first professional race, the day-long San Sebastian Classic in Spain, he bounced back in two weeks to finish second in a World Cup race in Zurich, Switzerland.

In 1993, Armstrong won cycling’s “Triple Crown”—the Thrift Drug Classic, the Kmart West Virginia Classic, and the CoreStates Race (the U.S. Professional Championship). He finished second in the Tour DuPont that same year. He got off to a good start in his first Tour de France, a 21-stage race widely regarded as cycling’s most prestigious event. Despite winning the eighth stage of the race, he eventually dropped to 62nd place and retired.

Armstrong, then 21, won his most important race yet in August 1993, the World Road Race Championship in Oslo, Norway, a one-day event covering 161 miles. He overcame difficult conditions as the leader of the Motorola team—pouring rain made the roads slick and caused him to crash twice during the race—to become the youngest person and only the second American to win that contest.

The following year, he finished second at the Tour DuPont. Frustrated by his near-miss, he trained with a vengeance for the following year’s event, winning by two minutes over rival Viatcheslav Ekimov of Russia. He set several event records at the Tour DuPont in 1996, including the largest margin of victory (three minutes, 15 seconds) and the fastest average speed in a time trial (32.9 miles per hour).

Armstrong also rode for the Olympic team again in 1996, this time in Atlanta, Georgia. He finished sixth in the time trials and 12th in the road race, looking unusually tired. He had been unable to complete the Tour de France earlier that summer due to bronchitis. Armstrong was still riding high by the fall of 1996, despite such setbacks. He then signed a lucrative contract with a new team, France’s Team Cofidis, as the world’s seventh-ranked cyclist.

Battling Testicular Cancer

However, in October 1996, Armstrong revealed that he had been diagnosed with testicular cancer. The tumors had spread to his abdomen, lungs, and lymph nodes by this point. Armstrong was given a 65 to 85 percent chance of survival after having a testicle removed, drastically changing his eating habits, and beginning aggressive chemotherapy.

When doctors discovered tumors on his brain, his chances of survival dropped to 50-50, then to 40%. Fortunately, a subsequent surgery to remove his brain tumors was declared successful, and Armstrong was declared cancer-free in February 1997 after more rounds of chemotherapy.

Throughout his terrifying battle with the disease, Armstrong maintained that he would race competitively again. However, no one else seemed to believe in him, and Cofidis terminated his contract and $600,000 annual salary. As a free agent, he struggled to find a sponsor before agreeing to a $200,000-per-year contract with the United States Postal Service team.

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Tour de France Dominance

Armstrong proved he was up for the challenge by winning the first stage of the 1998 Tour de Luxembourg, his first international race since recovering from cancer. He capped his comeback in grand style a little more than a year later, becoming the second American, after Greg LeMond, to win the Tour de France. He repeated the feat in July 2000, earning a bronze medal at the Summer Olympics.

Armstrong cemented his legacy as the dominant rider of his generation by easily winning the Tour de France in 2001 and 2002. However, tying the record held by Jacques Anquetil, Eddy Merckx, Bernard Hinault, and Miguel Indurain with a fifth victory proved to be his most difficult achievement. Armstrong, who was sick before the race, fell at one point after snagging a spectator’s bag and narrowly avoided another crash by swerving across a field. He won by one minute and one second over Germany’s Jan Ullrich, the closest of his Tour victories.

Armstrong was in top form when he won his sixth Tour de France title in 2004. He won five individual stages, finishing six minutes and 19 seconds ahead of Andreas Kloden of Germany. He retired from racing after finishing his incredible run with a seventh consecutive Tour victory in 2005.

Return to Competition 

Armstrong announced on September 9, 2008, that he would return to competition and the Tour de France in 2009. He finished third in the race for Team Astana, behind teammate Alberto Contador and Saxo Bank teammate Andy Schleck.

Following the race, Armstrong told reporters that he planned to compete again in 2010, this time with a new team sponsored by RadioShack. Armstrong finished 23rd overall in his final Tour de France, hampered by multiple crashes, and announced his retirement in February 2011.

Drug Controversy

Despite Armstrong’s inspiring story of triumph over cancer, not everyone believed it was true. For example, Irish sportswriter David Walsh became suspicious of Armstrong’s behavior and sought to dispel rumors of drug use in the sport. In 2001, he published a story linking Armstrong to Italian doctor Michele Ferrari, who was being investigated for supplying cyclists with performance-enhancing drugs. Walsh later obtained a confession from Armstrong’s masseuse, Emma O’Reilly, and detailed his case against the American champion in the 2004 book L.A. Confidential.

The plot thickened in 2010, when Floyd Landis, a former US Postal rider who had been stripped of his 2006 Tour de France victory for doping, admitted to doping and accused his celebrated teammate of doing the same.

This prompted a federal investigation, and in June 2012, the US Anti-Doping Agency charged Armstrong formally. In July 2012, some media outlets reported that five of Armstrong’s former teammates, George Hincapie, Levi Leipheimer, David Zabriskie, and Christian Vande Velde, who all competed in the 2012 Tour de France, were planning to testify against Armstrong.

The cycling champion has always denied using illegal drugs to improve his performance, and the 2012 USADA charges were no different: he dismissed the new allegations as “baseless.” Armstrong publicly announced on August 23, 2012, that he was giving up his fight against the USADA’s recent charges and that he had declined to enter arbitration with the agency because he was tired of dealing with the case and the stress it caused his family.

“Every man comes to a point in his life when he must say, ‘Enough is enough.’ That time has arrived for me “Around that time, Armstrong issued an online statement. “Since 1999, I’ve been dealing with allegations that I cheated and had an unfair advantage in winning my seven Tours. The toll this has taken on my family, my work for our foundation, and on me has brought me to this point: I’m done with this nonsense.”

Further Reading

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