{"id":298866,"date":"2023-11-11T21:43:01","date_gmt":"2023-11-11T21:43:01","guid":{"rendered":"https:\/\/sportstons.com\/?p=298866"},"modified":"2023-11-11T21:43:01","modified_gmt":"2023-11-11T21:43:01","slug":"sir-bradley-wiggins-at-risk-of-being-declared-bankrupt-over-near-1m-debt","status":"publish","type":"post","link":"https:\/\/sportstons.com\/nba\/sir-bradley-wiggins-at-risk-of-being-declared-bankrupt-over-near-1m-debt\/","title":{"rendered":"Sir Bradley Wiggins ‘at risk of being declared bankrupt over near \u00a31m debt’"},"content":{"rendered":"
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    Sir Bradley Wiggins is reportedly at risk of declaring bankruptcy following a failure to pay back debts that racked up to almost \u00a31million.<\/p>\n

    The five-time Olympic gold medallist called time on his cycling career in 2016 where he achieved extraordinary success including winning the Tour de France in 2012. He won eight Olympic medals across five Olympic games from 2000 to 2016.<\/p>\n

    The 43-year-old has reportedly been in an Individual Voluntary Arrangement (IVA) since July 2020 which is designed to help him pay off creditors but liquidators have revealed that the \u00a3979,953 they claimed from Wiggins in 2022 to pay off a loan from a director has yet to be paid, according to Cycling Weekly. The report also says a spokesperson for Wiggins disputes the claim.<\/p>\n

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    Liquidators having claimed that he is set to sell a property in Spain to pay back around \u00a3600,695. Trademarks of his name and nickname 'Wiggo' have also reportedly been put up for sale in order to pay back the full amount.<\/p>\n

    The cycling icon has also been issued with a "notice of breach" of the conditions of his arrangement as the liquidators report stated: \u201cUnfortunately the joint supervisor has informed creditors\u2026 if the breach is not remedied then the IVA may be terminated.<\/p>\n

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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. I expect that the termination of the IVA should be confirmed within the next few months."<\/p>\n

    Wiggins launched his own developmental cycling team called Team Wiggins in 2015 as its parent company, Wiggins Right Limited, entered liquidation in September 2020.<\/p>\n

    The Belgian-born athlete released a statement at the time where he said "legal claims" will be filed by his lawyers. "It\u2019s a very historical matter that involves professional negligence from [others] that has left a s*** pile with my name at the front of it to deal with. Happens to a lot of sportsmen while they\u2019re doing the grafting and on that there'll be a number of legal claims from my lawyers left right and center as a result."<\/p>\n

    Daily Star Sport<\/b> have contacted Wiggins for comment.<\/p>\n