Landis Bankruptcy? April 27, 2007
Posted by Steve in : Tour De France , trackback
AP — Yikes! Say it ain’t so Floyd.
Floyd Landis said he’s lost almost $10 million in potential earnings and might need to declare bankruptcy since being accused of using drugs to help win the Tour de France last year. He faces a two-year racing ban and would be the first cyclist in the Tour’s 104-year history to lose his title for doping after testing positive for inappropriate levels of testosterone.
He has said his legal defense has cost more than $1 million, about half of which has been paid through donations,and he has lost more than $3 million from the termination of his contract with the Phonak cycling team, had direct losses of about $2 million in canceled endorsements and another $3 million to $4 million from sponsorships that he was negotiating. He also said that all prize money from the Tour de France, including the $818,000 winner’s share, has been frozen. “If this goes on much longer, and right now, there doesn’t appear to be an end in sight, that’s a possibility,” Landis said.
Read the Bloomberg article.
Comments»
I think that’s probably why he is going all over the country raising money… He was in Austin week before last. I missed the chance to ride with him through downtown. Bummed