In the wake of the USADA’s report Lance Armstrong was dropped by every single major sponsor including Nike, Annheuser-Busch, Radio Shack, Oakley and Trek Bicycle Corp. Armstrong also lost several lesser known endorsement deals and will unlikely be commanding six figure speaking engagements or appearance fees anytime soon. The loss of these endorsement deals are expected to cost Lance $30 million over the next few years alone.
In addition to losing out on endorsement dollars, this morning the International Cycling Union announced that they were stripping Lance of all seven of his Tour de France victories. This latest blow will likely mean that Lance will be required to pay back $4 million in prize money he earned for those victories. As if that wasn’t painful enough, with each Tour victory, Lance also received performance incentive bonuses from his US Postal Team. In total, Armstrong received $7.5 million between 2002 and and 2006 in bonuses which were paid out by a Texas based insurance company called SCA Promotions. SCA Promotions sued Armstrong back in 2005 over $5 million they refused to pay amid his steroid allegations. They ended up losing the lawsuit and had to pay the full $5 million plus another $2.5 million in damages.
So in the short term, Lance is likely going to have to pay back $12.5 million in bonuses and prize money. Plus he will lose a minimum of $30 million in short term endorsement dollars. But the real blow to Armstrong’s wallet will happen in the long run since his reputation as a champion and philanthropist has been decimated. It’s conceivable that over his lifetime, Lance Armstrong will lose hundreds of millions of dollars personally. Fortunately his net worth today is still hovering around $125 million, so he should be able to weather the storm and still have lots of dough. Just might not have very many friends to spend it with.No Comments
Lionel’s base salary is being raised from $10.5 million to $15.44 million. By 2018, his base salary will have risen to $20.3 million. Amazingly, $15.44 million will make Messi just the third highest paid player in terms of base salary, behind Zlatan Ibrahimovic ($19.5 million) and Samuel Eto’o ($26 million). On the other hand, when you take into account bonuses, Barcelona will pay Lionel a mind numbing $44.68 million next year, making him the highest paid soccer player in the world. Keep in mind Lionel also earns $20 million per year off the field from endorsing companies like Adidas, EA Sports, Dolce & Gabana Pepsi and Herbalife. When you take into account base salary, bonuses and endorsements, Lionel Messi will earn a grand total $66.68 million per year! Not bad for someone in their mid-twenties. Do you think Lionel is worth it? Below is a list of the 10 highest paid soccer players in the world, bonuses and base salaries included.No Comments
On Saturday September 17th, undefeated boxing champ Floyd Mayweather stands to make $40 million in one night fightingVictor Ortiz. Even if he loses. Not too shabby for a few hours worth of work. So how does Floyd make so much money? Turns out Money Mayweather is a fairly shrewd businessmen and has negotiated deals that will enable him to take much more than the standard flat fee for stepping into the ring. Floyd will be taking a cut of nearly every aspect of the match on Saturday, from pay-per-view earnings and ticket sales, to food vendors and apparel.No Comments
The world’s only high-speed Amphibian technology specialists, Gibbs Technologies which in year 2006 delivered the amphibian Quadski, the world’s first high-speed Amphibian Quadbike or All Terrain Bike ‘ATV’, has now commercially introduced the off-roader Quadski. Equipped with engineering delights like powerful BMW Motorrad K1300 engine and retractable wheels, this amphibian vehicle that obliterates the distinction between land and water transportation is scheduled to go on sale for around $40,000 in the United States by this year end. And, the Michigan-based Gibbs Sports Amphibians Inc. hopes to sell the vehicle which is being billed as the first commercially available high-speed amphibious vehicle, worldwide by the year 2014.No Comments
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