Bankrupt & homeless Bradley Wiggins faces selling his own NAME as debt spirals to £2million

Bradley Wiggins, who is homeless and bankrupt, has to sell his name when his debt reached $2 million.

Number crunchers working on Sir Bradley’s bankruptcy have found that he owes one million more than initially estimated.

He was declared bankrupt earlier this year after a group of liquidators searching through the debris of his company, Wiggins Rights Ltd., discovered that he owed just under one million dollars.

However, according to a fresh report submitted to Companies House this month, the debts had more than doubled.

In order to raise money, senior liquidator Georgian Eason said she plans to sell the rights to trademarks such as Bradley Wiggins, Wiggo, and Wiggins.

After failing to make payments on his Individual Voluntary Arrangement (IVA) to his creditors, the cyclist was declared bankrupt by a court. He owes the tax authorities hundreds of thousands of pounds.

She stated: “The Director had entered into an IVA, and the Company had filed an increased claim of 979,953.53 within the IVA, as I had previously reported in my Progress Report.

“The Directors’ IVA was terminated during the period under consideration, and a bankruptcy petition was approved.

“I have submitted the Company’s increased claim in the bankruptcy proceedings (to the amount of 1,976,157.73) and have kept in touch with the IVA Supervisor/Trustee in bankruptcy.”

“I have determined that the Company is the legitimate owner of a limited number of trademarks, as I indicated in my prior Progress Report.

“My representatives have found an interested party within the period under review, and they are currently looking to talk about a possible sale.

“I have determined that the following registered trademarks are legally owned by the Company: Bradley Wiggins, Wiggins, and Wiggo.

“I gave Axia Valuation Services, valuation agents, instructions to advance the marketing and sale of the intellectual property during the previous reporting period.

“During the Period under review, an interested party was identified but no documentation has been exchanged in respect of the prospective sale.”

“I realise now the importance I should have paid more attention to it,” the biker stated in an August interview with Lance Armstrong’s podcast.

“Because you reach the point at which I find myself in this predicament, but because of the mess that has been made.”

“Because it’s been rumbling on for quite a few years now this hasn’t just happened overnight.”

In September 2020, Wiggins Rights Limited, the parent company of the now-defunct Team Wiggins and the business that handled the majority of his affairs during his career, went into insolvency.

Liquidators disclosed in November of last year that they had not received any of the 979,953 they had demanded from Wiggins in 2022, partly to settle an unpaid director’s debt.

Wiggins has stated in the past that he doesn’t believe the notion. That figure is now almost two meters tall.

“I should have given it more attention, but now I see how important it is,” he said on Armstrong’s podcast.

Representatives of Sir Bradley have been approached for comment.

PEDDLING UP

In June, a judge declared the eight-time Olympic medallist and Tour de France winner bankrupt.

Trustees have been appointed to seize Bradley’s belongings, including his medals and trophies, after his house was repossessed and sold.

He now hosts a Tour de France podcast with disgraced cyclist Lance Armstrong, though.

Following his admission of doping, seven-time Tour de France winner Armstrong lost all of his titles and was permanently barred.

He explained to Armstrong throughout the show how he gained weight and began smoking before stopping.

“I believe I went through this transition period,” he stated. It’s also about striking a new balance and equilibrium.

It comes after Bradley’s attorney claimed that he has “lost everything” and is homeless and bankrupt.

The Olympic cyclist has experienced numerous financial setbacks as a result of his entrepreneurial endeavors.

Bradley’s renovated 975,000 barn in the north Lancashire countryside has been sold and repossessed, according to his attorney Alan Sellers.

According to Sellers, Bradley is permitted to remain at his ex-wife Cath’s house in Lytham St Anne’s, which is 20 miles distant.

He said to the Mail: “Brad is lounging on the couch. It’s a complete disaster. He’s lost everything.

“His savings and investments, his Majorca house, and his family home.”

“He has nothing at all. He is without an address. It’s a pretty depressing situation.

Bradley reportedly considers his medals and trophies to be worthless “junk,” yet if he sold them to a collector, they could bring in up to $250,000.

Wiggins Rights Limited, his company, went into liquidation in 2020 with debts totaling 650,000, including 313,447 owed to HM Revenue & Customs.

The trademarks for Bradley Wiggins, Wiggo, and Wiggins are owned by the company, which is owned by Sir Bradley, his ex-wife Cath, and his mother Linda.

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