The source, who spoke on condition of anonymity, told the Associated Press that Armstrong addressed the staff and said he was sorry for letting the staff down and putting the foundation at risk.
The source said Armstrong did not admit that he used performance enhancing drugs, but was apologetic and he was choked up, as several employees cried during his talk.
Armstrong went on to urge the group to continue fighting for the charity's mission of helping cancer patients and their families.
Armstrong is scheduled to appear on the Oprah Winfrey show today, with rumors flying that he will be admitting that he used performance enhancing drugs. Without saying whether he would confess or apologize during the taping, Armstrong told The Associated Press in a text message early Saturday, "I told her [Winfrey] to go wherever she wants and I'll answer the questions directly, honestly and candidly. That's all I can say.''
Armstrong has spent more than a decade denying claims that he ‘doped’ to become a seven time winning champion of the Tour de France. A confession at this stage would be a stunning turn of events and a shock to more than a few diehard Armstrong fans.