Lancaster resident Sir Bradley Wiggins declared bankrupt at Lancashire court, Olympic medals could be seized

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Following years of money issues and a number of failed business ventures, Sir Bradley Wiggins, one of the finest cyclists Britain has ever produced, was declared bankrupt at Lancaster County Court on June 3, according to The Times.

Wiggins Rights Limited, a company owned by the 44-year-old cycling legend and Euxton resident alongside his ex-wife Cath and his mother Linda, entered voluntary liquidation in 2020 with debts of £650,000.

Those debts later increased to a shade under £1m in 2022, with creditors claiming that this sum had not been paid by November 2023, leading them to warn Wiggins, who lives in Dolphinholme, that he could be declared bankrupt.

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Following the declarations of bankruptcy, trustees could now be appointed to seize Wiggins' assets including his Olympic and Tour De France medals and even his Sports Personality of the Year trophy.

Speaking to The Times, Paul Rouse, head of client services at the accountancy firm Forvis Mazars, said: “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.

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“'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 has experienced a number of difficulties over the past few years, having wound up two of his companies in October 2020 before seeking a life away from cycling, commencing his studies to become a doctor in a bid to ‘redefine’ himself. 

But money concerns continued - in 2022, liquidators made a £1m claim against him (which he disputed) and a claim for £760,373 made a year prior was 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'.

In September 2022, administrators’ documents showed that Wiggins entered into an Individual Voluntary Arrangement (IVA) to help pay back creditors and stave off bankruptcy, with one of Wiggins’ properties, seen as a 'primary asset within the IVA', having had an offer accepted on it.

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But, in November 2023, liquidators insisted Wiggins had failed to pay any of the £979,953 they claimed from him in 2022, adding that the IVA was likely to be terminated, leading to him being declared bankrupt.

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