Bradley Wiggins liquidates businesses with over £1 million in debt
One business set up to leverage Bradley Wiggins’ famous name and another set up to run his Team Wiggins development squad are being liquidated with debts totalling over £1 million.
The two companies in question are Wiggins Rights Limited, which was set up to utilize Wiggins’ name and image rights, and New Team Cycling Limited, which ran his now-defunct Team Wiggins development team. According to a report in CyclingWeekly, Wiggins Rights Limited owes £654,657 and New Team Cycling Limited has debts of £587,008.
CyclingWeekly cites the statements of affairs from both companies, documents that are part of the insolvency process and provide an overview of company assets and liabilities.
Both companies are owned by Wiggins, his wife Cath — with whom he split earlier this year — and Wiggins’ mother. A spokesman for Wiggins said that the Tour de France and Olympic champion was not involved “day-to-day” in either of the businesses.
“Experienced professionals were trusted to run both the financial and operational elements of the businesses,” the spokesman said. “It must also be made clear that an investigation into lost assets is still underway. For clarity this in no way [affects] Bradley’s personal solvency.”
Creditors include Trinity, a management company owned by Andrew McQuaid that manages many top riders; bike brand Pinarello, which supplied Team Wiggins with bikes; Dan Tulles, a pro with Vitus Pro Cycling; and 101 Ride Limited, the parent company of New Team Cycling Limited, which ran Team Wiggins.
According to statements of affairs filed at Companies House, Wiggins Rights Limited expects to receive only £600,695 from a directors’ loan of £760,373. The remaining £53,962 is likely to be unrecoverable. New Team Cycling Limited’s creditors, meanwhile, are unlikely to get any of the nearly £600,000 they are owed.