Retired? Sir Chris Hoy’s earning power rockets

Sir Chris Hoy's Olympic exploits have seen his personal income rise significantly. Picture: Ian Georgeson

The Edinburgh-born racer’s finances have catapulted since he became Britain’s most decorated Olympian after winning a total of six gold medals – one at Athens in 2004, three at Beijing 2008 and two at London 2012.

The 38-year-old retired from competitive cycling last year and this week announced he is launching a new career as a professional car racing driver and is planning to enter the Le Mans 24-hour endurance race in 2016.

The latest accounts for Trackstars Limited, which channels income from his commercial activities, show the firm has assets of £1,402,703.

That is made up of £1,149,506 held in the bank and £253,197 owed by debtors.

Trackstars’ assets have jumped by almost £600,000 in the last two years.

Sir Chris owes £493,865 to unnamed creditors within a year, leaving him with profits of £908,838 – more than double the 2012 figure of £429,294.

The accounts, filed at Companies House, cover the period up until 30 June last year.

Sir Chris’s total wealth has not been made public but his company accounts are likely to be an indication of his earnings in recent years.

He set up the company in 2005, a year after winning his first gold at the Athens Olympics, but it is only since his triple gold medal-winning performance at the Beijing Games that his earnings have soared.

Sportsmen and women often launch companies to spread out their income over their lifetimes as their actual sporting careers are usually relatively short.

Since his 2008 success, Sir Chris has been the face of advertising campaigns for Gillette as well as Kellogg’s Bran Flakes.

He has also had lucrative deals with Highland Spring and Adidas and has launched his own range of bicycles.

In 2012, Sir Chris was forced to defend his tax arrangements after it emerged he received a loan from Trackstars.

He vehemently denied that he or his firm disguised remuneration, adding that he takes his responsibilities as a taxpayer “as seriously as I do as an athlete”.

He admitted he had borrowed almost £325,000 from the company in 2010, but insisted it was repaid.

He said: “Everything I have done is as a UK resident, and is UK taxable and not offshore.

“The dividends that I took to repay the loan were in fact taxed at the highest rate.

“I saw an opportunity to buy property and I borrowed money from my company to do so. The loan was repaid shortly thereafter by declaration of fully taxable dividends.”

Before the Beijing Olympics, Sir Chris collected a salary of £24,000 a year, stemming from Lottery grants and small-scale sponsorship deals.

This week he confirmed he will join the British GT Championship in a Nissan as part of a plan to take part in the world-famous Le Mans 24 Hours race.