Bankrupt Bradley Wiggins now £2MILLION in debt and faces selling off the trademark to his own name
- British Olympic cycling legend Bradley Wiggins was once worth £13 million
- But the 44-year-old was declared bankrupt this summer due to his debts
- He now owes almost £2 million and is faced with the need to sell the rights to his own name
Bradley Wiggins appears to be forced to sell the trademark in his own name after claims against the bankrupt cycling legend’s estate rose to almost £2million.
The 44-year-old – who won eight Olympic medals for Team GB between 2000 and 2016, including five gold medals – was declared bankrupt this summer.
Wiggins entered into an Individual Voluntary Arrangement (IVA) in an attempt to pay off debts. One of those debts was a £300,000 tax bill owed to HM Revenue and Customs.
Accounting firm MHA filed documents with Companies House before Wiggins was declared bankrupt, stating that his image rights agency, Wiggins Rights Ltd, was facing claims totaling almost £1 million.
Earlier this month, MHA’s Georgina Eason published a progress report for the period ending September 14.
It stated: ‘During the reporting period, the IVA board was dismissed and a bankruptcy application was submitted. I have made the company’s increased claim in the bankruptcy proceedings for the sum of £1,976,157.73.
Bradley Wiggins pictured in 2012 sitting on a gold throne in London after becoming Olympic champion in men’s road time trial
Wiggins, 44, has since been declared bankrupt and now has debts of almost £2 million
‘I have determined that the company has legal title to a small number of trademarks. During the reporting period, my agents identified an interested party and are currently attempting to discuss a proposed sale.”
The trademarks likely to be sold are ‘Bradley Wiggins’, ‘Wiggins’ and ‘Wiggo’.
The latest report was published after Wiggins told Lance Armstrong in an episode of the disgraced cycling icon’s podcast that he “should have paid more attention” to his finances during his career.
Wiggins – who became the first Briton to win the Tour de France in 2012 – was said to be ‘sofa surfing’ in June after the £975,000 shed he once shared with his ex-wife Cath and their children was destroyed by a building was confiscated and sold.
“I am in this situation now but because of the mess that has been created,” admitted Wiggins, who was once worth £13 million.
“It has been going on for a number of years, this did not happen overnight.”
In September, Wiggins took his first bike ride ‘in almost three years’, offering fans the chance to join him on a 50-mile route through Staffordshire for a fee of £50 per person.