Former Tour de France winner Sir Bradley Wiggins may be forced to sell all of his Olympic medals and other trophies and memorabilia won throughout his career after being declared bankrupt by a court.
Wiggins, 44, who retired in 2016, won eight Olympic medals, five of them gold, and became the first British rider to win the Tour in 2012. He appeared at the London Games opening ceremony that summer, ringing the famous bell that opened the event, which was broadcast to hundreds of millions of viewers around the world.
Wiggins was awarded BBC Sports Personality of the Year later that year and was knighted in the 2013 New Year Honours for his services to cycling.
Wiggins enjoyed a cult following, but his career took a major hit after he retired in 2016 when a group of Russian hackers leaked the medical information of a number of high-profile athletes, including Wiggins.
Wiggins was deemed to have crossed an ethical line by lawmakers when he used therapeutic use exemptions – drugs used to treat banned conditions – before some of the biggest races in his career. Wiggins has always denied wrongdoing, claiming the drugs were for a pollen allergy.
Mr Wiggins has faced highly publicised financial difficulties in recent years, with his company Wiggins Rights Limited going into voluntary liquidation in 2020 and creditors including HM Revenue and Customs, which was owed more than £300,000.
It was reported in November last year that Wiggins was on the brink of bankruptcy with unpaid debts totalling nearly £1 million after documents filed by liquidators with Companies House revealed he had yet to repay money he had allegedly agreed to repay loans.
according to TimesWiggins was officially declared bankrupt in Lancaster County Court earlier this week.
The report said a receiver would now be appointed to “seize and sell” assets, which could include medals and trophies.
Paul Rouse, head of client services at accountancy firm Forbis Mathers, said: “Sir Bradley Wiggins is an icon of British sport and, 10 years after his peak, to find himself in this financial situation would be an enormous downfall for him.”
“An insolvency administrator will be appointed to seize and sell his assets, which may include medals and trophies from his successful sporting past, as was the case recently with Boris Becker.”
“Understandably, those involved in elite sport are often solely focused on the primary goal of winning titles and pursuing sporting excellence.
“Experts will flock around them to advise them on the financial benefits that come with success, and they'd be wise to ensure that the advisers they choose are trustworthy and will look after their clients' long-term positions.”
Wiggins has spoken movingly in recent years about his struggles with depression, fame and the breakdown of his marriage to wife Cass, with whom he has two children, Ben and Bella.
Wiggins has made it clear that many of his problems stem from a deteriorating relationship with his father, Gary, a former professional track cyclist who abandoned Wiggins as a child and was found beaten to death in a New South Wales town in 2008.
Wiggins also revealed a year ago that he was sexually abused by a coach when he was a young, promising athlete.
