Sir Bradley Wiggins is declared bankrupt: Cycling legend, 44, could be forced to hand over his medals and trophies after falling into financial difficulties

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 medalist was declared bankrupt by Lancaster District Court on June 3 The timesafter years of money troubles with numerous business ventures over the years.

Wiggins Rights Limited, a company owned by Wiggins, his ex-wife Cath and his mother Linda, went into voluntary administration in 2020 with debts of £650,000.

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

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

Wiggins won five Olympic gold medals during a stellar career on the road and track

Wiggins was at the peak of his powers in 2012 and became the first Briton to win the Tour de France

Sir Bradley Wiggins CBE receives his knighthood award after it was presented to him by Queen Elizabeth II during an investiture ceremony at Buckingham Palace on December 10, 2013

Paul Rouse, head of client services at accountancy firm Forvis Mazars, told The Times: ‘Mr Bradley Wiggins is a British sporting icon, and if he finds himself in this financial position ten years after his peak it will be an extremely painful fall from grace.

A receiver will be appointed to seize and sell his assets, possibly including medals and trophies from his successful sporting past, as was the case with Boris Becker recently.

‘As you would expect, those involved in elite sport are often solely focused on their primary goals: winning titles and pursuing sporting excellence.

‘Professionals will surround them to advise on the financial benefits that will flow from that success, and they would be wise to ensure that the advisors they choose are reliable and that they safeguard their client’s position in the long term.’

Wiggins Rights Limited, a company owned by Wiggins, his ex-wife Cath and his mother Linda, went into voluntary administration in 2020 with debts of £650,000.

The High Court in London heard in July 2020 how Wiggins was in financial difficulties and was the subject of a bankruptcy petition filed by the tax authorities.

Although the petition was dismissed after a five-minute hearing, it foreshadowed the money problems that continue to haunt the eight-time Olympic medalist.

Wiggins has admitted that he has been struggling with financial problems for ‘a few years’

Sir Bradley and his then wife Catherine pose for photos after the medal ceremony for the men’s team pursuit final for gold on Day 7 of the Rio 2016 Olympic Games

In October 2020, Wiggins liquidated two of his companies.

Wiggins then sought refuge in a life outside of cycling. He began studying to become a doctor in 2021 and explained how his goal was to get into the “clinical, medical field” in an effort to “redefine” himself.

But money problems continued to haunt him and in 2022 it was his financial data that made headlines again. Liquidators made a claim against him for £1 million, something he disputed.

A claim for £760,373 made a year earlier had been increased to £979,953, with administrators, seeking money to repay an overdrawn director’s loan, ‘auditing the company’s books and records’.

Things took a further turn when, in September 2022, administrator documents revealed that the former Tour de France winner had entered into an Individual Voluntary Arrangement (IVA), a financial arrangement designed to help people repay creditors and avoid bankruptcy.

Documents further explained that a property, which was deemed a ‘primary asset within the IVA’, had an offer accepted and administrators expected to repay just over £600,000.

Bradley Wiggins kisses his trophy at the 2012 BBC Sports Personality of the Year Awards

Bradley Wiggins during the men’s individual time trial on day five of the 2012 London Olympics

But in November last year, administrators revealed that Wiggins had still not paid any of the £979,953 they demanded 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 said: ‘Unfortunately, the joint regulator has put creditors on notice… if the deficiency is not remedied, the IVA may be terminated.

‘In the event that the IVA is terminated, the director may be subject to bankruptcy proceedings and this would potentially materially extend the expected timeframe for recovery of the outstanding director loan.’

“I expect the termination of the IVA to be confirmed within the next few months.”