Disgraced cyclist Lance Armstrong has been fined £6.5 million ($10m) for lying about using performance-enhancing drugs.

Insurance firm SCA Promotions Inc was forced to payout Armstrong, 43, just under £5 million over his seven Tour de France victories after a hearing in 2006.

But the 43-year-old later admitted to doping to secure his victories and was found to have lied during proceedings.

SCA said the former athlete was fined the "largest award of sanctions against an individual in American judicial history".

It read: "Lance Armstrong was hit with a record-breaking $10 million sanctions award by the arbitration panel hearing his dispute with Dallas-based SCA Promotions Inc.

"According to the arbitrators' written ruling, the sanctions award punishes Armstrong for engaging in 'an unparalleled pageant of international perjury, fraud and conspiracy'."

The SCA said its dispute with Armstrong was still not over.

It said: "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)."