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

BANKRUPT and stateless Bradley Wiggins faces selling his ain sanction aft his indebtedness spiralled to £2million.

Cycling fable Sir Bradley owes £1m much than was archetypal calculated, fig crunchers handling his bankruptcy person revealed.

A squad of liquidators raking done the wreckage of his steadfast Wiggins Rights Ltd had recovered that helium owed conscionable nether £1m and earlier this twelvemonth helium was declared bankrupt.

But a caller study filed this period to Companies House reveals that the debts person much than doubled.

Senior liquidator Georgian Eason says she is looking to merchantability the rights to trademarks similar Wiggo, Wiggins and Bradley Wiggins to rise cash.

The cyclist was declared bankrupt by a tribunal aft helium couldn't support up payments connected his Individual Voluntary Arrangement (IVA) to wage his creditors - with hundreds of thousands of pounds owed to the taxation office.

She said: "As mentioned successful my erstwhile Progress Report, the Director had entered into an IVA and the Company had submitted an accrued assertion wrong the IVA of £979,953.53.

"During the Period nether review, the Directors IVA has been terminated, and a bankruptcy petition has been granted.

"I person continued to liaise with the IVA Supervisor / Trustee successful Bankruptcy and person submitted the Company's accrued assertion successful the Bankruptcy proceedings (to the sum of £1,976,157.73).

"As mentioned successful my erstwhile Progress Report, I person identified that the Company holds the ineligible rubric to a tiny fig of Trademarks.

"During the Period nether review, my agents person identified an funny enactment and are presently seeking to sermon a projected sale.

"I person identified that the Company holds the ineligible rubric to the pursuing registered Trademarks: 'Bradley Wiggins', 'Wiggins', 'Wiggo'.

"During the anterior reporting period, I instructed valuation agents, Axia Valuation Services, to advancement the selling and merchantability of the Intellectual Property.

"During the Period nether review, an funny enactment was identified but nary documentation has been exchanged successful respect of the prospective sale."

The cyclist said successful August: "I realise present the importance… I should person paid much attraction to it," helium told Lance Armstrong's podcast.

"Because you get to the constituent past wherever I'm successful this concern present but due to the fact that of the messiness that's been created.

"Because it's been rumbling connected for rather a fewer years present this hasn't conscionable happened overnight."

Wiggins Rights Limited, the institution that ran overmuch of his affairs during his vocation and which was the genitor steadfast of the present defunct Team Wiggins, entered liquidation successful September 2020.

In November past year, liquidators revealed they had yet to beryllium paid immoderate of the £979,953 they claimed from Wiggins successful 2022 successful portion to wage disconnected an outstanding director's loan.

Wiggins has antecedently said helium disputes the claim. Now that fig stands astatine astir £2m.

"I realise present the importance… I should person paid much attraction to it," helium told Armstrong's podcast.

Sir Bradley's representatives person been contacted for comment.

PEDDLING UP

The eight-time Olympic medallist and Tour de France victor was declared bankrupt by a tribunal successful June.

Bradley's location was repossessed and sold disconnected and trustees person been appointed to prehend his assets - including his medals and trophies.

But helium has present got a caller occupation hosting a Tour de France podcast with disgraced cycling prima Lance Armstrong.

Seven-time Tour de France victor Armstrong was stripped of his titles and banned for life after helium admitted doping.

Speaking connected the podcast, helium told Armstrong however helium had enactment connected value and started smoking before quitting.

He said: "I deliberation I went done this modulation period. It’s besides astir uncovering a caller equilibrium, a balance."

It comes aft Bradley's lawyer said helium is bankrupt, stateless and has "lost everything".

The Olympic cyclist has suffered a litany of fiscal problems with his concern ventures.

Bradley's lawyer Alan Sellers said his converted £975,000 barn successful the north Lancashire countryside has been repossessed and sold.

Ex-wife Cath has allowed Bradley to enactment astatine her location 20 miles distant successful Lytham St Anne's, Sellers added.

He told the Mail: "Brad is sofa-surfing. It is simply a full mess. He has mislaid perfectly everything.

"His household home, his location successful Majorca, his savings and investments.

"He doesn’t person a penny. He doesn’t person an address. It's a precise bittersweet authorities of affairs."

Bradley is said to presumption his medals and trophies arsenic meaningless "junk", but could fetch up to £250,000 if helium flogged them to a collector.

His concern Wiggins Rights Limited entered liquidation successful 2020 owing £650,000, including £313,447 to HM Revenue & Customs.

The steadfast - owned by Sir Bradley, his ex-wife Cath and mum Linda - owns the trademarks to Bradley Wiggins, Wiggo and Wiggins.