Lance Armstrong has been hit with a $10m (£6.5m) fine for lying about his use of performance-enhancing drugs following an arbitration panel hearing.

The American had been embroiled in a case with SCA Promotions before Monday's ruling.

The Dallas-based company was forced to pay the former cyclist nearly $8m (£5.2m) in 2006 after a dispute over payments.

However, following his admission in 2012 that he doped during all seven of his Tour de France victories, Armstrong has been forced to pay SCA Promotions a record fine for lying during the previous case.

"Armstrong swore under oath on numerous occasions [during the initial proceedings] that he had never used performance-enhancing drugs during his career," read an official statement from SCA Promotions. "Given that sworn testimony, SCA Promotions settled the matter for $7.5m in 2006.

"Armstrong later confessed in 2013 that he had cheated during every Tour de France race that he had won. He also acknowledged that he had committed perjury during his dispute with SCA Promotions. As a result, SCA re-convened the arbitration proceeding and sought to sanction Armstrong based on his prior wrongful conduct.

"After an evidentiary hearing, the arbitrators found that Armstrong had 'used perjury and other wrongful conduct to secure millions of dollars of benefits' from SCA Promotions."

Armstrong recently claimed that he would "probably" dope again were he taken back to the start of his career.