U.S. Postal Service Spent Nearly $40 Million Sponsoring Armstrong’s Cycling Teams
According to figures obtained under the Freedom of Information Act, the U.S. Postal Service spent nearly $32 million to sponsor Lance Armstrong’s cycling team from 2001 to 2004 and $40 million overall from 1994 to 2004.
ESPN, which obtained some of the data, estimates this represented “60 to 65 percent of the team’s total budget.”
The Postal Service recently reported losses of nearly $16 billion for the last fiscal year and Inspector General David Williams said on Tuesday that the Postal Service lost nearly $41 billion over the last five years, has reached its $15 bilion credit limit, and would need a federal bailout or it will “cease to exist.”