Cyclist Lance Armstrong has been ordered to pay $10 million in damages after losing a lawsuit with sports insurance company SCA Promotions Inc.

In 2006, Lance Armstrong, now 43, received $7.5 million in payments from SCA relating to his seven Tour de France victories.

Lance Armstrong admitted to doping and was found to have lied in proceedings.

SCA said: “The award, which must be paid directly to SCA, is believed to be the largest award of sanctions assessed against an individual in American judicial history.”

“According to the arbitrators’ written ruling, the sanctions award punishes Armstrong for <<an unparalleled pageant of international perjury, fraud and conspiracy>>,” the company added.

Lance Armstrong testified in the proceedings, which took place almost 10 years after an initial hearing which found in his favor after he gave evidence under oath.

“SCA’s dispute with Armstrong is not over,” said SCA.

“It has a currently pending lawsuit in Dallas state district court where it is pursuing additional claims against Lance Armstrong and Bill Stapleton [Armstrong’s agent].”