Banker's stake in Armstrong doping scandal
Lance Armstrong may be about to come clean about his doping allegations. And that has enormous implications for financier Thomas Weisel, who has been among his biggest supporters.
Weisel was an owner of the United States Postal Service Pro Cycling Team and "could be subject along with his partners to lawsuits from corporate sponsors seeking millions of dollars. Already, there is a False Claims Act case contending that Mr. Armstrong and the team defrauded the Postal Service," notes DealBook.
But the more salacious issue involves the actual doping. The media have reported that Armstrong, as part of his bid to return to legitimacy, will not only cop to using the performance-enhancing drugs. In addition, he is in negotiations with the Justice Department "to possibly testify in a federal whistle-blower case against several team officials and owners, including Mr. Weisel."
He was quoted years ago by the Wall Street Journal on the issue of doping saying that, "Handle the problem below the surface and keep the image of the sport clean. In the U.S. sports — baseball, basketball, football — most fans couldn't care less."
Weisel was certainly passionate about the team, and the sport. It could end in ignominy. Weisel has a lot riding on what Armstrong says and does over the next year.