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Armstrong cuts charity ties

Lance Armstrong has resigned from the board of his cancer charity - cutting formal ties with his Livestrong Foundation.

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Firm to claw back $7.5 million in Tour de France bonuses from Lance Armstrong

Lance Armstrong starts his run in the individual time trials during the Tour de France in Monaco in 2009. Credit: PA Wire/PA Archive/Press Association Images.

An insurance company in Texas is to demand the return of $7.5 million in bonus money paid to Lance Armstrong.

Tailwind Sports, which owned the US Postal Service team, gave Armstrong bonuses for winning Tour De France titles and paid premiums on policies covering those bonuses.

Tailwind secured the insurance policies through a variety of companies, including one called SCA.

SCA's lawyer Jeffrey Tillotson said: "The bonus that was owed was based on the premise that Lance Armstrong was the winner of the Tour De France..

"He is no longer the official winner, so it would be improper for him to keep those funds."

It is standard practice to insure bonuses and salaries in sports businesses.

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