In­vest­ment has made Armstrong Uber rich again

Shepparton News - - SPORT -

For­mer cy­cling cham­pion Lance Armstrong, whose fall from grace cost him mil­lions of dol­lars in law­suits and en­dorse­ments, said his in­vest­ment in Uber Tech­nolo­gies had saved his fam­ily.

Armstrong, who was stripped of his seven Tour de France ti­tles and banned for life from the sport for dop­ing, gave $US100 000 ($A138 250) to a ven­ture cap­i­tal fund that in­vested in the ride-hail­ing com­pany about 2009, a CNBC re­port said.

‘‘It’s saved our fam­ily,’’ Armstrong said.

Armstrong said in the in­ter­view he was not aware that he was in­vest­ing in Uber, which at the time was worth $US3.7 mil­lion ($A5.1 mil­lion), when he gave money to ven­ture cap­i­tal­ist Chris Sacca of Low­er­case Cap­i­tal.

Uber, which is pre­par­ing to go pub­lic next year, could be val­ued at $US120 bil­lion ($A166 bil­lion), ac­cord­ing to pro­pos­als US banks bid­ding to run the of­fer­ing have made.

Armstrong did not dis­close how much his in­vest­ment in Uber is worth, say­ing it was much more and ‘‘it’s too good to be true’’.

When the in­ter­viewer asked him if he had made ‘‘10, 20, 30, 40 or $50 mil­lion’’, Armstrong replied: ‘‘It’s one of those. It’s a lot, it’s a lot.’’

Armstrong won the Tour de France a record seven times, but the US An­tiDop­ing Agency stripped him of his ti­tles and banned him for life in 2012 af­ter it ac­cused him of en­gi­neer­ing one of the most so­phis­ti­cated dop­ing schemes in sports.

The Amer­i­can later ad­mit­ted to the cheat­ing in a Jan­uary 2013 tele­vised in­ter­view with Oprah Win­frey.

Pic­ture: AP/Thao Nguyen

Lance Armstrong

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