Deep in debt: cycling legend Wiggins is in danger of going bankrupt

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Former cyclist Sir Bradley Wiggins (43) is currently in financial distress. According to the trustees of his company, a claim against the Briton of almost 1.1 million francs has not been paid and there is a risk of insolvency. The rights to the ‘Bradley Wiggins’, ‘Wiggins’ and ‘Wiggo’ brands are now up for sale.

Since July 2020, he has also been covered by an Individual Voluntary Arrangement (IVA), a financial scheme designed to help people pay their creditors and avoid bankruptcy. Just two months after the agreement, “Wiggins Rights” Limited, the company that managed much of Wiggins’ professional career, was liquidated and the parent company “Team Wiggins” was dissolved.

Financial problems never end

The trustees have not seen any money since. The British commercial register authority ‘Companies House’ announced this this week. By the way, the authorities did not even expect the entire amount, but only 700,000 francs from Wiggins’ IVA, largely from the sale of a property in Spain. But he has not yet met this requirement either.

Instead, he was issued a “breach notice” of the terms of his agreement by the IVA’s regulator. The Companies House report states: They expect confirmation of the termination of the IVA within months.

When asked some time ago about the sale of his trademark rights, Wiggins said the financial problems had persisted for “several years” and there was no clear end in sight. “This is an issue involving the professional negligence of others.”

From a sporting point of view, he is one of the best professional cyclists of his time. He has won a total of five Olympic gold medals. He is also an eight-time world champion and winner of the 2012 Tour de France, the same year he was knighted by Queen Elizabeth II. Four years later he retired from the professional game.

Source : Blick