Team GB Olympic star once worth £13m is now bankrupt and may have to sell trademark to their name

A Great British Olympian who was once worth millions has declared bankruptcy as they face the possibility of selling the trademark to their own name.

Life after representing your country at the Olympic Games may be tough for some as athletes have to re-adjust to a life that doesn't require them to train to be the best in the world at their event.

Some Olympians transfer the skills learned during their careers into punditry, while others simply decide to disappear from the public eye and settle into a quiet life.

But for one Team GB star, life after competing at the Games has not gone well as they have been forced to declare bankruptcy despite being worth £13million at the peak of their career.

Sir Bradley Wiggins, who won eight Olympic medals for Team GB, including five golds, may be forced to sell the trademark rights to his own name after declaring bankruptcy over the summer.

Since going bankrupt, claims against the cycling legend's estate have risen to almost £2m, potentially forcing drastic measures to be taken.

During the summer, thee 44-year-old entered into an Individual Voluntary Arrangement in an attempt to settle his outstanding debts, one of which is reportedly a £300,000 tax bill owed to HM Revenue and Customs.

This led to auditing firm MHA filing the necessary documents for Wiggins to declare bankruptcy.

Earlier this month, progress report by the firm detailing the period ending September 14.

It stated: "During the period under review, the directors IVA has been terminated, and a bankruptcy petition has been granted.

"I have submitted the company's increased claim in the bankruptcy proceedings to the sum of £1,976,157.73.

Sir Bradley Wiggins has won five gold medals during his Olympic career. (Image: Getty)

"I have identified that the company holds the legal title to a small number of trademarks. During the period under review, my agents have identified an interested party and are presently seeking to discuss a proposed sale."

Some of the trademarks that are likely to be sold to help clear Wiggins' debt include include 'Bradley Wiggins', 'Wiggins', and 'Wiggo'.

"I'm in this situation now but because of the mess that's been created," admitted Wiggins on Lance Armstrong's 'The Forward' podcast.

"It has been rumbling on for quite a few years now, this hasn't just happened overnight."

SPORTbible have reached out to Sir Bradley Wiggins for comment