MONEY WOES
Sir Bradley Wiggins declared bankrupt over ‘historic financial difficulties’ that could see him hand over gold medals
Inside Sir Bradley Wiggins' financial woes
SIR Bradley Wiggins has been declared bankrupt and maybe forced to handover his gold medals.
The Olympic cyclist became the first Briton to win the Tour de France but has suffered ongoing financial difficulties with his business ventures.
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The 44-year-old, from Dolphinholme, Lancaster, won eight Olympic medals, including five golds before retiring in 2016.
Having been declared bankrupt by a court on Monday (June 3), trustees will now be appointed to seize and dispose of his assets, which could include medals and trophies.
Former tennis star Boris Becker was ordered to hand over his Wimbledon trophies after going bankrupt in 2022.
Wiggins Rights Limited entered liquidation in 2020 owing £650,000, including to HM Revenue & Customs.
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The firm - owned by Sir Bradley, his ex-wife Cath and mum Linda - owns the trademarks to Bradley Wiggins, Wiggo and Wiggins.
A spokesman said at the time the cyclist's "involvement in the companies was not day to day" and that "this in no way affects Bradley’s personal solvency".
Sir Bradley was then placed in an Individual Voluntary Arrangement in 2022 designed to assist him in paying off creditors.
However, last year the debts had risen to £1 million.
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A liquidator claimed in November a director owed the firm £760,000.
He previously said the financial difficulties are a "very historical matter" that "involves professional negligence" by others and has "left a s***pile with my name at the front of it to deal with".
I smashed up Sports Personality of the Year trophy and my Olympic medals are in a plastic bag - I had imposter syndrome-
He continued: “Happens to a lot of sportsmen while they’re doing the grafting and on that there’ll be a number of legal claims from my lawyers left, right and centre as a result.”
Paul Rouse, head of client services at the accountancy firm Forvis Mazars, told : “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.
Sir Bradley's financial issues
2017
Spear's Magazine cited Sir Bradley's net worth as £13million.
It was a figure that had him only behind Andy Murray and Justin Rose in Team GB's class of 2016.
There were lucrative brand deals with companies such as Fred Perry and Skoda, the latter of which was a seven-figure deal.
2022
Liquidators made a £1m claim against him - something he disputed.
A claim for £760,373 made a year prior had been escalated, with administrators, who were seeking money from to pay back an overdrawn director's loan, "reviewing the company’s books and records".
In September that year administrators' documents revealed Sir Bradley entered into an Individual Voluntary Arrangement (IVA) in order to stave off bankruptcy.
2024
The cyclist was declared bankrupt at Lancaster county court on June 3.
“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.”
Sir Bradley was knighted in 2013.
In 2021 he became the first man to win Olympic gold and the Tour de France in a single year.
He was born in Belgium before being raised by his mum in Kilburn, North London.
SPORTING GREAT
Wiggins is one of Great Britain's all-time sporting greats.
He won five Olympic gold medals during his career, starting at the 2004 Games where he won the Individual Pursuit.
At the 2008 Olympics he won TWO golds and then at the London Olympics in 2012 won the Road Time Trial.
He memorably sat upon a gold throne after his victory.
His final gold medal came at the 2016 Games in Rio.
Arguably the greatest achievement of his career was becoming the first ever British winner of the Tour de France with his victory in 2012.
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He would be crowned BBC Sports Personality of the Year that same year.
The Sun has contacted Sir Bradley's representatives for comment.
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