Sir Bradley Wiggins could be forced to sell all his Olympic medals, as well as the other trophies and memorabilia he accumulated throughout his career, after the former Tour de France winner was declared bankrupt in court.
Wiggins, 44 years old, who retired in 2016 having won eight Olympic medalsfive of them gold, He became the first British cyclist to win the Tour in 2012.. He then opened the London Games that summer, ringing the bell to signal the start of an opening ceremony that was broadcast to a global audience of hundreds of millions.
Wiggins won the BBC Sports Personality of the Year trophy that same year and was knighted in the 2013 New Year Honors for his services to cycling.
A cult figure, much of the shine on Wiggins’ career faded after his retirement in 2016, when a group of Russian hackers leaked medical information relating to dozens of high-profile athletes, including Wiggins.
Wiggins’s use of therapeutic use exemptions (drugs used to treat medical conditions, which would otherwise be prohibited) ahead of some of the biggest races of his career were considered by MPs to have crossed an ethical line. Wiggins always denied cheating, insisting the medications were to treat pollen allergies.
In recent years, Wiggins has faced highly publicized financial difficulties and his company, Wiggins Rights Limited, went into voluntary liquidation in 2020, with creditors including HM Revenue & Customs owed more than £300,000.
In November last year, there were reports that the 43-year-old was facing bankruptcy over unpaid debts totaling almost £1m, after documents lodged at Companies House by liquidators revealed he had yet to repay none of the money he was said to have to pay. have accepted to satisfy a loan that has been granted to them.
According The timesWiggins was officially declared bankrupt earlier this week in Lancaster County Court.
The report said trustees would now be appointed to “seize and sell” his assets, which could include medals and trophies.
Paul Rouse, head of client services at accountancy firm Forvis Mazars, said: “Sir Bradley Wiggins is an icon of British sport, and for him to find himself in this financial situation, a decade after 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 from his successful sporting past, as was the case recently with Boris Becker.
“Unsurprisingly, those involved in elite sport often focus solely on their primary goals: winning titles and striving for sporting excellence.
“They will be surrounded by professionals to advise them on the financial benefits that flow from that success, and they would do well to ensure that the advisors chosen are trustworthy and that they are safeguarding the long-term position of their clients.”
Wiggins has spoken movingly in recent years about his struggles with depression, fame and the breakdown of his marriage to his wife Cath, with whom he has two children, Ben and Bella.
Wiggins revealed that many of his problems arose from his difficult relationship with his own father, Gary, a former professional cyclist who abandoned Wiggins as a child and was found beaten to death in a New South Wales town in 2008.
A year ago, Wiggins also revealed that he had been sexually abused by a coach when he was a promising young athlete.