Cycling legend, Sir Bradley Wiggins has lost everything as he is declared bankrupt
Laurence Vogel
Senior level executive with over 25 years experience. Currently helping directors handle financial challenges and distress through insolvency services like liquidations, CVAs and administrations
Bradley Wiggins, 44, the first Briton to win the Tour de France, has faced significant financial troubles since winning that first Tour de France title. Despite winning eight Olympic medals, including five golds, Wiggins who retired in 2016 was declared bankrupt on June 3rd this year. The bankruptcy now means he is at risk of having to relinquish all of his prizes.
Wiggins, originally from Lancaster, is now "sofa-surfing" and staying with friends and family. He has lost all his assets, including his family home, a property in Majorca, and his savings and investments. He has three children with his ex-wife Cath, who has let him stay at her home in Lytham St Annes to help him out as he doesn’t have an address.
Wiggins' company, Wiggins Rights Limited, entered liquidation in 2020, owing ￡650,000 including over ￡300,000 to HMRC. The company, owned by Wiggins, his ex-wife, and his mother, held trademarks to his name. Despite his lack of day-to-day involvement, Wiggins faced a ￡1 million claim related to an overdrawn director's loan. He entered an Individual Voluntary Arrangement (IVA) to avoid bankruptcy.
Wiggins has blamed his financial issues on professional negligence by others and plans legal actions. His lawyer, Alan Sellers, confirmed that Wiggins' ￡975,000 barn in Lancashire has been repossessed and sold a few months ago. Like former tennis star Boris Becker, Wiggins may have to sell his assets, including his medals and trophies, to pay off his debts. According to a sports memorabilia valuer the 5 gold medals on their own could bring in ￡250,000.