In a world of celebrity excess and conspicuous consumption, Lance Armstrong’s net worth stands out as being especially noteworthy. The professional road cyclist is best known for winning the Tour de France seven times in a row, a feat that has never been accomplished before or since. Lance Armstrong is believed to have a net worth of about $55 million. This is an aftermath of his doping scandal, which saw his net worth diminish from about $125 million. He has been able to rebuild his wealth through lucrative speaking engagements and ventures like his health and fitness app.
Brief History of Lance Armstrong’s Net Worth
If you want to understand where Lance Armstrong’s net worth came from, you need to go all the way back to his childhood. In his early years, a rare form of cancer was detected in his body system. Some people might have let that diagnosis define the rest of their lives.
But not Armstrong; he beat cancer and went on to become a successful athlete. He went further to form a charity called “LiveStrong,” through which he helps others living with different forms of cancer.
All of these things helped Armstrong build a strong foundation for his net worth. But it was his cycling career that really skyrocketed his wealth. He won his first Tour de France just a few years after being told he had cancer. This marked the beginning of his success.
Why is Lance Armstrong Famous?
Armstrong is most famous for his cycling career. His 7 consecutive wins are an unmatched feat in the world of cycling. He also established a nonprofit organization to aid cancer patients.
Armstrong is also famous for something he’s not proud of: his association with doping. After he won his 7th Tour de France, allegations surfaced that he was using performance-enhancing drugs (PEDs).
Lance Armstrong’s Net Worth During His Active Years
After winning his first Tour de France, Armstrong earned $1 million in prize money. After that, he went on to win a record of six more tours in a row. Throughout his cycling career, he earned a whopping $150 million.
With “LiveStrong,” even though it was a non-profit organization, it greatly increased the value of Armstrong’s brand and made his marketing more appealing, allowing him to land other jobs. As a result, he was engaged as a spokesperson for many big businesses. Even other well-known cyclists found it difficult to match Armstrong’s star power after the success of “LiveStrong.”
Lance was once one of the highest-paid athletes in the world, earning an estimated $20 million or more every year in endorsements and prize money from his appearances and races. He continued to make around $15 million per year from speaking engagements, sponsorships deals, and public appearance fees for several years after his retirement before the doping controversy fully erupted.
Lance Armstrong Doping Scandal
When you think of Lance Armstrong, the first thing that comes to mind is his 7 consecutive Tour de France wins. After all, that’s what he’s most famous for. But if you dig a little deeper into his story, you’ll find so much more than just cycling achievements.
Once the doping allegations came out, Lance Armstrong’s net worth took a serious hit. Armstrong became one of the highest-profile athletes to ever be accused of doping. As a result, he lost almost everything: His sponsorships, endorsement deals, and reputation.
After the doping scandal, Armstrong’s net worth plummeted. Most of his sponsors withdrew their financial backing. In the end, his net worth fell from $125 million to just $20 million. That was expected and completely understandable.
For many people, it seemed like he had lost everything permanently because he was so closely associated with doping for so long.
Significance of Lance Armstrong’s Current Net Worth
Armstrong’s net worth means that he has been able to recover well financially after the doping scandal. It also waned his popularity because he was stripped of his major career medals.
After all, he has been able to recover financially, even though most of his sponsors ditched him. And his earnings are probably much lower now, but he is now able to focus on what is important to him. That is a far better ending than anyone could have predicted for his story 10 years ago.
Final Thoughts
One of the most important lessons from the fall and comeback of Lance Armstrong is perseverance. He went through one of the most public scandals in sports history and managed to come back from it all. That’s the mark of a true champion.
He has proven that athletes can overcome the odds and succeed even when people are rooting against them. After the doping scandal, many people thought he would never be able to get his life back or recover from the damage. But he has proved them all wrong.
FAQs
How Old is Lance Armstrong?
He was born on 18th September 1971. He is 51 years old.
Is Lance Armstrong the Owner of Uber?
Lance was merely an early investor in Uber during its commencement period. Around 2009, when the firm was only worth $3.7 million, he contributed $100,000 through venture capitalist Chris Sacca.
When did Lance Armstrong Retire?
Armstrong stopped racing after the ‘France Tour’ in 2005. In January 2009, he started racing again with the Astana team and finished third in the 2009 Tour de France. He raced for Team Radio Shack in 2010 and 2011. In February 2011, he retired for the second time in the heat of his doping scandal.
