Lance Armstrong says Uber investment has ‘saved’ his family

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Lance Armstrong invested in Uber during his comeback to cycling after initially retiring in 2005

Lance Armstrong says an early investment in Uber has “saved” his family after paying out $111m (£86.8m) in legal fees and settlements.

The American, 47, was stripped of his seven Tour de France titles and banned from cycling for life in 2012 before admitting to using performance-enhancing drugs.

He says he gave $100,000 (£78,212) to a venture capital fund that invested in the ride-hailing app in 2010.

“It’s saved our family,” he told CNBC.

In April, Armstrong agreed to pay $5m (£3.9m) to the US government to settle a long-running lawsuit that could have cost him $100m (£78m) in damages.

However, he said he felt he did not “get off scot free” as other settlements and legal fees meant he had to pay $111m in total.

Armstrong, who has five children, did not say how much he had earned from his Uber investment but added it was “too good to be true”.

He said Uber, which was founded in 2009, was valued at $3.7m (£2.9m) when he invested. The company was valued at $72bn (£56bn) this year and is targeting a valuation of $120bn (£94bn) in 2019.