DALLAS, TX – Dallas based S.C.A. Promotions says it wants back the more than $7million in performance bonuses it paid the embattled athlete following his seven Tour de France wins.
Turns out that the company signed a contract with Armstrong guaranteeing bonus prize money for his wins. And now that the International Cycling Union has stripped him of those titles the company says, “no deal.”
“The only requirement was that Mr. Armstrong was the official winner of the specified Tour de France race,” say S.C.A General Counsel Jeffrey Dorough. “He is no longer the winner of any Tour de France race therefore it is improper for him to retain those bonus amounts.”
The company provides prize and promotions services to clients around the world priced on an “odds-of-winning” platform. In 2005, they tried withholding payment to Armstrong when rumors of doping began circulating. But with no clear evidence or action by the Cycling Union or the U.S. Anti-Doping Agency at that time, they were forced to pay-up. And even though Armstrong hasn’t admitted to taking steroids prior to his races, the company says the revocation of his titles is enough.
“That’s where, I think, the major disappointment comes in. It’s not that we had to pay out bonuses, it’s that there was some cheating involved and for a company so wrapped-up in fair play it’s antithetical to our corporate mindset really.”
Add to that the fact that Armstrong has lost a majority of his personal endorsement deals and it’s not shaping up to be a very merry Christmas for the boss.