Lance Armstrong facing 12 million-pound bill from insurance company for 'lying about doping'

Disgraced former American cyclist Lance Armstrong is reportedly facing a 12 million-pound bill for lying under oath about his use of performance-enhancing drugs when securing prize money from insurance company SCA Promotions.

The United States Anti-Doping Agency (USADA) last year stripped Armstrong of all results dating back to August 1998 - including seven successive Tour de France titles - for doping, something he belatedly confessed on a Oprah Winfrey show in January 2013.

According to The Independent, a Texas judge rejected Armstrong's request to prevent an arbitration panel from reviewing the bonuses he was paid during his Tour de France winning streak and the panel will meet next month to discuss the case, which is a civil proceeding.

The report mentioned that the company is now seeking the return of 12 million pounds, which includes Tour de France prize money of 1.5 million pounds in 2002, three million pounds in 2003, five million pounds in 2004, 2.5 million pounds in costs paid in 2004, along with interest, costs and damages.

After promising Armstrong a bonus, in 2006, Armstrong's United States Postal Service team protected itself against that potential financial liability through a policy from SCA Promotions, which specialises in assuming risks associated with prizes, the report added.