Lance Armstrong's Confession Threatens to Be an 'Absolute Fiasco' Personally and Professionally

HLN host Jane Velez-Mitchell talks about Lance's future

WHAT'S NEXT FOR LANCE?
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Lance Confesses
Lance Armstrong admits to doping in interview with Oprah Winfrey. Read More »

With just hours to go before one of television’s most anticipated interviews in years, Lance Armstrong is facing an overwhelming amount of criticism for his confession to Oprah Winfrey that he used performance-enhancing drugs.

On Thursday, the International Olympic Committee joined the growing list of organizations looking to distance themselves from Armstrong. The IOC officially stripped him of the bronze medal he won at the 2000 Olympic Games in Sydney, telling him to return it. Armstrong was previously stripped of his seven consecutive Tour de France titles by the International Cycling Union.

Along with being stripped of medals and titles, Armstrong also stands to get hit where it hurts — his bank account. “He could face a slew of lawsuits for fraud, breach of fiduciary duty, for you name it,” HLN host Jane Velez-Mitchell tells Celebuzz.

The United States Postal Service, which sponsored Armstrong’s team from 1998-2004, is almost certain to be one of those organizations lining up to recoup some of the $30 million they paid the disgraced cyclist.

Armstrong has also lost his endorsement deals with the likes of Nike, Oakley, Dasani, Bristol Myers, The Discovery Channel, Michelob, Subaru, and others. In 2009, Forbes estimates Armstrong was earning around $20 million a year.

“Then, there is the ultimate court, the court of public opinion,” Velez-Mitchell points out. “Are Americans and people around the world going to forgive and forget now that he’s come clean?”

“Let’s remember his years of steadfast denial in the face of rumors and outright accusations. Let’s remember all the other riders in those seven Tour de France races and all of the people who were standing on the sidelines, only to have someone -- who now turns out to be a fraud -- win.

“It’s an absolute fiasco on an unprecedented scale in the world of sports, and ultimately Lance Armstrong will have to answer to people in the United States and around the world.”

Armstrong's interview with Oprah will air over two nights — Thursday, Jan. 17, and Friday, Jan. 18 — on the OWN Network’s Oprah’s Next Chapter.

Jane Velez-Mitchell hosts the hit show Jane Velez-Mitchell – airing at 7PM EST on HLN — and tackles the most controversial events with a wide range of viewpoints. Check out HLNtv.com for more details.

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