British cycling legend Bradley Wiggins is reportedly facing the possibility of bankruptcy. According to liquidators, Wiggins, who won five Olympic gold medals, has not paid a claim of nearly £1 million against him. Despite being in an Individual Voluntary Agreement (IVA) for over three years, Wiggins has failed to pay off the outstanding director’s loan. Liquidators had expected him to pay off the debt using funds from the sale of a property in Spain, but he was issued a ‘notice of breach’ earlier this year. This breach may lead to the termination of his IVA and potential bankruptcy proceedings. Wiggins has been struggling with financial difficulties for several years, with his professional development cycling group, Team Wiggins, going into liquidation in 2020. In an attempt to raise funds, he has put the trademarks to his name up for sale. Wiggins admitted that his financial struggles have been ongoing with no end in sight, attributing them to professional negligence. Despite these challenges, Wiggins had a successful career, winning multiple Olympic gold medals and becoming the first British cyclist to win the Tour de France in 2012. He retired from professional cycling in 2016 after his fifth Olympic gold medal win.
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