Sir Bradley Wiggins is declared bankrupt (2024)

Sir Bradley Wiggins has been declared bankrupt and could be forced to hand over his medals and trophies after falling into financial difficulties.

The eight-time Olympic medallist was declared bankrupt at Lancaster county court on June 3, according to The Times, following years ofmoney troubles with numerous business ventures over the years.

Wiggins Rights Limited, a company owned by ­Wiggins, his former wife Cath and his mother Linda, entered voluntary liquidation in 2020 with debts of £650,000.

These debts later increased to just under £1 million in 2022 and by November 2023, creditors claimed this had not been paid, which they warned would likely lead to him being declared bankrupt.

Trustees could now be appointéd to seize Wiggins' assets, with fears that his Olympic and Tour De France medals and even hisSports Personality of the Year trophy could be stripped from him.

Paul Rouse, head of client services at the accountancy firm Forvis Mazars, told The Times: 'Sir Bradley Wiggins is a British sporting icon, and for him to find himself in this financial position, a decade on from his peak, will be an extremely distressing fall from grace.

'A bankruptcy trustee will be appointed to seize and sell his assets, potentially including medals and trophies of his successful sporting past, as was the case with Boris Becker recently.

'As you would expect, those involved in elite sport are often focussed solely on their primary goals of winning titles and striving for sporting excellence.

'Professionals will surround them to advise on the financial benefits that follow that success, and they would be wise to ensure that their chosen advisors are trustworthy, and that they are safeguarding their client's long-term position'.

Wiggins Rights Limited, a company ownedby ­Wiggins, his former wife Cath and his mother Linda, entered voluntary liquidation in 2020 with debts of £650,000.

The High Court in London in July 2020 heard how Wiggins had been facing financial difficulties and was the subject of a bankruptcy petition brought by the taxman.

While the petition was dismissed following a five-minute hearing, it foreshadowed the money problems that have continued to stalk the eight-time Olympic medallist.

In October of 2020, Wiggins wound two of his companies up.

Wiggins then sought refuge in a life away from cycling. He began studying to be a doctor in 2021 and explained how his goal was to end up in the 'clinical, medical field' in a bid to 'redefine' himself.

But money troubles continued to follow him and in 2022 it was his financials that were once again headline news. Liquidators made a £1 million claim against him - something he disputed.

A claim for £760,373 made a year prior had been escalated to £979,953, with administrators, who were seeking money from to pay back an overdrawn director's loan, 'reviewing the company’s books and records'.

Things took a further turn when in September 2022, administrator's' documents revealed that the one-time Tour de France winner entered into an Individual Voluntary Arrangement (IVA), a financial set-up designed to help people pay back creditors and stave off bankruptcy.

Documents went on to explain that a property, seen as a 'primary asset within the IVA' had had an offer accepted on it and administrators expected to pay back just over £600,000.

But in November last year liquidators revealed that Wiggins had still not paid any of the £979,953 they claimed from him in 2022 and stated that his IVA was likely to be terminated, which has now led to him being declared bankrupt.

The report read: 'Unfortunately the joint supervisor has informed creditors… if the breach is not remedied then the IVA may be terminated.

'In the event the IVA is terminated the director may become subject to bankruptcy proceedings and this would potentially substantially increase the expected timeframe for recovery of the outstanding directors loan account.'

'I expect that the termination of the IVA should be confirmed within the next few months.'