10 November 2023 , 12:05
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Legendary British cyclist Sir Bradley Wiggins is reportedly at risk of being declared bankrupt.
The five-time Olympic gold medalist is still yet to pay a claim against him worth a whopping £1million according to the liquidators of his company. Cycling Weekly claim that Wiggins has had a Individual Voluntary Agreement (IVA) for more than three years. IVA's are designed to help people that are looking to pay off creditors and avoid declaring bankruptcy.
Wiggins is rumoured to still owe liquidators the entire sum of the £979,953 they claimed from him last year. In turn, the rights to the trademarks of his own name, “Wiggins” and “Wiggo” are now being placed up for sale. Wiggins has previously made clear he disputes the claim made against him.
It was expected that at least £600,695 of the total sum would be paid off following the sale of a property in Spain. However, the full total remains unpaid and as a result, the Cycling icon has been hit with a “notice of breach” regarding the terms of his arrangement.
A report from the liquidators dating back from two months ago reads: "Unfortunately the joint supervisor has informed creditors… if the breach is not remedied then the IVA may be terminated.
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"In the event the IVA is terminated the director may become subject to bankruptcy proceedings and this would potentially substantially increase the expected timeframe for recovery of the outstanding directors loan account."
The report added that they "expect that the termination of the IVA should be confirmed within the next few months." Wiggins has openly discussed the matter, though kept his cards close to his chest surrounding details of the situation.
Bradley Wiggins is at risk of bankruptcy (Photo by Nordin Catic/Getty Imag)He claimed: "It’s a very historical matter that involves professional negligence from [others] that has left a s**t pile with my name at the front of it to deal with!
"It happens to a lot of sportsmen while they’re doing the grafting and on that there'll be a number of legal claims from my lawyers left right and center as a result." Wiggins continued by explaining that his lawyers had “a fair amount of difficulty” in accessing relevant documents.
Wiggins' Olympic exploits sealed his place as a national sporting treasure, retiring from the sport back in 2016 just months after securing his fifth and final gold medal in Rio. His finest hour undeniably came in 2012, where Wiggins became the first British cyclist to win the Tour de France before winning the men's time trial on home soil at the London Olympics.
Wiggins was named BBC Sports Personality of the Year in the same year, four years before he called time on his career at the age of 36.