5X Olympic Gold Medalist on the Verge of Bankruptcy as £1M Claim Against Him Remains Unpaid

After climbing the steepest climb and claiming multiple victories in Tour de France, claiming gold in the Olympics, Bradley Wiggins has acquired worldwide recognition. But who would have thought that for the cycling champion, the most formidable opponent would turn out to be financial woes? 

The 43-year-old cyclist’s life has taken an unexpected turn post-retirement as it exposes him to the risk of being declared bankrupt. Putting his economic stability in jeopardy, his financial troubles persist.

Wiggins struggles amidst bankruptcy claims

Wiggins has been struggling with financial burdens and in a recent development, he has been accused of an unpaid claim amounting to nearly £1 million against him despite him being a part of an Individual Voluntary Agreement (IVA) for three years. 

The exact amount is £979,953 as claimed by the liquidators of his company. Filed last year it comprises of a director’s loan that has been outstanding for a year. Even though there had been chances of him repaying a part of the loan by selling off his property in Spain which was equivalent to £600,695 but a ‘notice of breach’ has hindered this move.

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While the liquidators have initiated his termination of the IVA, the cyclist has blamed it on professional negligence. In an interview with Cycling Weekly, Wiggins shared his thoughts about his financial woes stating, “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!” The claim did tarnish his otherwise remarkable professional career. 

Legal battles promise Wiggins a future of uncertainty

Wiggins took retirement from the world of professional cycling in 2016 after having an illustrious career marked by significant achievements like becoming the first British cyclist to grab victory in the Tour de France in the year 2012. He even secured Olympic gold in Rio for the fifth time in 2016. However, his post-retirement endeavors left him in desperate need of financial funds.

Team Wiggins, his professional cycling team went into liquidation in September 2020 further added to his financial setbacks. However, underscoring the severity of his financial predicament, Wiggins commented, “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.”

His struggles have persisted for several years having no clear resolution in sight, and the long-term consequences of the cyclist remain ambiguous.  The unpaid claim paired with the termination of IVA, paints a somber picture of Bradley Wiggins facing the imminent threat of bankruptcy. While the cyclist grapples with financial storms, the cycling community lives with the hope of a quick resolution helping Wiggins regains his stability.   

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