The 44-year-old, who retired in 2016 with eight Olympic medals, five of them gold, achieved the milestone of being the first British rider to win the Tour in 2012. He also had the honor of opening the London Games that summer, famously ringing the bell to commence an opening ceremony watched by a global audience of hundreds of millions.

Wiggins, whose winning bike went up for sale in 2021, was honored with the BBC Sports Personality of the Year award and a knighthood in 2013 for his remarkable achievements in cycling. However, his career faced scrutiny following his retirement due to controversies surrounding his use of Therapeutic Use Exemptions (TUEs) and the subsequent leak of his medical data by a Russian hackers group.

In recent years, Wiggins has encountered widely reported financial challenges. His company, Wiggins Rights Limited, entered voluntary liquidation in 2020, with creditors including HM Revenue & Customs owed over £300,000 (€354,000). By November last year, reports emerged he was facing bankruptcy due to unpaid debts nearing £1 million (€1.1 million). Documents filed at Companies House by liquidators indicated that he had not repaid any of the money agreed upon to settle a loan.

As reported by The Times, Wiggins was formally declared bankrupt earlier this week at Lancaster County Court. Trustees will now be appointed to manage and liquidate his assets, potentially including medals and trophies.

Paul Rouse, who serves as head of client services at the accountancy firm Forvis Mazars, remarked, “Sir Bradley Wiggins is a British sporting icon, and for him to find himself in this financial position, a decade on from his peak, will be an extremely distressing fall from grace.

“A bankruptcy trustee will be appointed to seize and sell his assets, potentially including medals and trophies of his successful sporting past, as was the case with Boris Becker recently. As you would expect, those involved in elite sport are often focused solely on their primary goals of winning titles and striving for sporting excellence.

“Professionals will surround them to advise on the financial benefits that follow that success, and they would be wise to ensure that their chosen advisers are trustworthy, and that they are safeguarding their client’s long-term position."