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Friday, October 26, 2012

Claims on a Fortune

Paul Sullivan's Wealth Matters column this week looks at the issue of whether Lance Armstrong should be concerned about keeping his wealth in the wake of the report from the United States Anti-Doping Agency detailing his use of performance-enhancing drugs to win cycling races. And the independent advisers and lawyers Paul spoke to answered that Mr. Armstrong will probably remain a rich man. Yes, he'll probably have to forfeit his Tour de France prize money and his sponsors have dropped him, but much of his wealth is probably protected, these experts said.

Mr. Armstrong is not the first high-profile athlete to fall from grace. But while he may be legally able to protect the millions he earned from his sponsorships, is that the right outcome? Perhaps it's too late to affect Mr. Armstrong's case, but should the rules be changed so that when questions come up in the future about the on-field accomplishments of other athletes, they would not be allowed to hold onto their fortunes?

What do you think is the right thing to do?