July 21, 2024

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Not in Six Days of Ghent, but in financial trouble: Bradley Wiggins is in debt, his ex-wife wants a piece of the pie |  Cycling

Not in Six Days of Ghent, but in financial trouble: Bradley Wiggins is in debt, his ex-wife wants a piece of the pie | Cycling

CyclingNormally, Sir Bradley Wiggins would have launched his beloved Six Days on Tuesday, but the Brit gave in due to “TV commitments.” There could be more to his absence, as the former Tour winner will face a minimum €1.4m compensation claim.

Wego. People do not use this term casually. The brand name, such as “Bradley Wiggins” and “Wiggins”, is part of Wiggins Rights Limited. It is one of two companies the 2012 British Tour winner has set up over the years to manage the finances of his professional activities. Podcasts, attendance work, cycling apparel lines: all covered by Wiggins Rights Limited. That company — which went bankrupt in 2020 — has gone bankrupt, according to Weekly cycling Now about €745,000 of outstanding debt. An amount that could rise to 1.15 million euros, but the world hour record holder doubts that at the moment.

The second company – New Team Cycling Limited – is Wiggins’ own team which he founded in 2015. Do you remember, for example, Tom Pidcock played for the team prior to his time with the Ineos Grenadiers. Well, New Team Cycling Limited also got liquidated in 2020. The team no longer exists and currently has €670,000 in outstanding debt. Combined with at least €745,000 in debt to Wiggins Rights Limited, this brings to a total mountain of debt in excess of €1.4m.

Bradley Wiggins. © Gregory van Jansen – Photonews

In total, he has notified 14 creditors since 2020. Wiggins is currently covered by an Individual Voluntary Arrangement (IVA), an arrangement made in Great Britain to settle debts in the event of bankruptcy. Wiggins, for example, has already sold a piece of property worth €687,000. Bikes and motorbikes from New Team Cycling Limited also qualify, but according to Wiggins they have been stolen and are the subject of a police investigation.

The former Tour winner has not yet spoken publicly about his financial situation. One of the largest creditors will also be 101 Ride Limited. That firm is claiming half of the total and is in the name of Katherine Wiggins, whom Bradley divorced in 2020. She was a co-owner of Wiggins Rights Limited and also wants a piece of the pie. A third of the debt – 365,000 euros – belonged to the British state. If Wiggins fails to pay or refute his debts, a lawsuit may follow. According to The Sun, the former Tour winner had a total capital of €15m at the end of last year.

After Grandpa Gary and Father Bradley, it’s now Ben Wiggins’ turn at Kuipke: ‘When I first came here, I thought it was a nightclub’

Bradley Wiggins with his son Ben.

Bradley Wiggins with his son Ben. © Photo News

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