June 8th 2024.
Cycling fans were shocked as news broke that the legendary Sir Bradley Wiggins had been declared bankrupt. The retired cyclist, who had a decorated career spanning over two decades, has been struggling with financial difficulties for some time now.
Wiggins, who became the first Briton to win the Tour de France in 2012, has accumulated a significant amount of debt through various business ventures over the years. In 2020, his company Wiggins Rights Limited, owned by himself, his ex-wife Cath, and his mother Linda, entered liquidation with debts totaling £650,000. Despite entering into an Individual Voluntary Arrangement to repay his creditors, including HM Revenue & Customs, his debt continued to rise and reached almost £1 million by late last year.
After little progress was made in paying off his debts, Wiggins was officially declared bankrupt in a hearing at Lancaster county court on June 3, as reported by The Times. This means that a trustee will be appointed to take control of Wiggins' assets, including his Olympic medals, Tour de France trophies, and even his Sports Personality of the Year award, in order to repay his creditors.
Throughout his illustrious career, Wiggins achieved numerous accolades, making him one of the most decorated cyclists in British history. He won his first Olympic medal in 2000 and went on to claim a total of eight, including five golds. In 2012, he made history by winning the Tour de France and later that year, won gold in the Road time trial at the London Olympics. These achievements earned him the BBC Sports Personality of the Year award and a knighthood in the 2013 New Years Honours. He also won another gold medal in the Team pursuit at the 2016 Rio Olympics before officially retiring from cycling.
Since retiring, Wiggins has dabbled in other pursuits, including indoor rowing and professional development in cycling through his team, Team Wiggins. He also obtained a degree in social work from the Open University. However, his financial troubles continued to mount, leading to his bankruptcy.
Unfortunately, Wiggins is not the first sporting star to face financial difficulties. Former Premier League players Craig Bellamy and Wes Brown have also declared bankruptcy in recent years, and tennis legend Boris Becker was forced to hand over his Wimbledon trophies after his own bankruptcy in 2022. As Paul Rouse, an accountant at Forvis Mazars, stated, athletes are often focused solely on their sport and may not pay enough attention to their financial advisors, leading to potential problems in the long run.
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