Cycling events across Europe have been cancelled and numerous teams have either laid off or furloughed both cyclists and support staff due to the cashflow shortage caused by the suspension of the sport.
Armstrong believes that the current uncertainty provides riders with a unique chance to fight for more rights - if they band band together.
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"All the pro riders who are sitting at home now, who are unsure if they will receive their pay next month and if their team will survive this: this is your chance," Armstrong said on his podcast, The Move.
"Now is the chance to start from scratch, get a seat at the negotiating table and take back power. If you don’t seize this opportunity now, you may never get it again.
"Just think about that. Talk to each other as a platoon and unite. You are the actors in the play, and without the actors, the play is cancelled."
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