Armstrong says investment in Uber ‘saved family’

Armstrong says investment in Uber 'saved family'

Former cycling champion Lance Armstrong said investing in the ride-hailing app Uber had saved his family from financial ruin.

According to a CNBC report, he gave $100,000 (around AED 367,305) to a venture capital fund that invested in Uber around 2009.

Amstrong revealed that he had to pay $111 million for settlements and other legal fees.

He, however, did not divulge how much he had earned from his Uber investment but added it was "too good to be true".

At the time of his investment, Uber was valued at just $3.7 million, but today as the firm prepares for its IPO, it has been valued at as much as $120 billion.

Armstrong was stripped of his seven Tour de France titles and banned for life before admitting to using performance-enhancing drugs.