Bradley Wiggins has liquidated two companies with debts of over £1 million following the closure of Team Wiggins' Continental team.

According to a detailed report in Cycling Weekly (opens in new tab) and business information published online by the UK Registrar of Companies, Wiggins Rights Limited, which was set up to "exploit Wiggins' name and likeness rights," has more than £650,000 debt and went into liquidation.

New Team Cycling, which was used to own and manage Team Wiggins between 2015 and 2019, was also recently liquidated with debts of £587,008.

Wiggins rode for Team Wiggins in 2015 and 2016 after finishing his WorldTour career with Team Sky, and his presence helped secure invitations to the Dubai Tour, Tour of California, and Tour of Britain. However, the team never secured a major sponsor, and Wiggins reportedly invested a large amount of his own money in the team. James Knox, John Dibben, Owain Doull, and Tom Pidcock were all members of Team Wiggins before it closed after the 2019 season.

Wiggins recently worked as a race critic for Eurosport and GCN.

According to statements filed with Companies House, creditors left to try to recover their costs include 101 Ride Limited (the parent company of the company used to run Team Wiggins), cycling agent and management company Trinity, bicycle brand Pinarello, and Vitas Pro Cycling rider Dan Tallet.

Wiggins Rights Limited is controlled by Bradley Wiggins, whose wife Kath and his mother, who divorced earlier this year, each own a 1% stake.

Wiggins Rights Limited has debts of £654,657, and a debt settlement statement signed by Kath in September stated that she expected to recover only £600,695 from a £760,373 directors loan issued several years ago. Recovery of other book debts is "uncertain" and creditors to the company are expected to lose £53,962, according to the statement.

New Team Cycling Limited owes creditors a total of £587,008, and according to the statement, creditors are unlikely to recover this amount.

The single largest creditor is parent company 101 Ride Limited, which is owed £366,000. It also owes HM Revenue and Customs £57,344 and Trinity Sports Management £81,621. Trinity oversaw the operations of Team Wiggins throughout its existence.

New Team Cycling Limited also owes £16,710.63 to bicycle brand Pinarello. The Italian brand supplied bikes to Team Wiggins from 2015 to 2019.

A spokesperson told Cycling Weekly that Wiggins is still solvent and is working with HMRC.

"While the closure of both operations is regrettable, it must be made clear that Bradley's involvement was not routine," the spokesman said. [Experienced professionals were entrusted with the management of both the financial and operational elements of the businesses. It must also be made clear that the investigation into the lost assets is still ongoing. To be clear, this in no way affects Bradley's personal solvency."

In July, the English High Court dismissed a bankruptcy petition filed by HMRC against Wiggins. During a five-minute hearing, Judge Daniel Schaffer explained that Wiggins' lawyers had met with HMRC representatives to work out a solution.