Lance Armstrong has offered to pay more than five million dollars to the federal government to compensate for the fraud he allegedly committed against the U.S. Postal Service.
The Postal Service had paid Armstrong's team more than 30 million dollars to sponsor it from 1999 to 2004, as part of a contract that banned doping.
CBS News has learned that Armstrong offered to be a cooperating witness in a federal investigation.
But sources said that the Department of Justice has turned down both offers as inadequate.
According to the report, this is the latest development as Armstrong's career comes crashing down around him.
He has won the Tour de France, sport's most grueling event, seven times.
But late last year, the U.S. Anti-Doping Agency produced evidence that the U.S. Postal team ran 'the most sophisticated, professionalized and successful doping program the sport has ever seen,' the report added. (ANI)