Ant Anstead is facing a major financial challenge after his bespoke car making business, Radford Motors, filed for Chapter 11 bankruptcy.
People obtained documents accusing the British TV host of fraud and misrepresentation.
He founded the company in 2020 alongside ex Formula One champion, Jenson Button.
The aim was to rebuild the British brand, Radford, and make high-end, custom sports cars.
However, at the time, Ant — who shares a son with his ex-wife, Christina Hall — confessed it was dangerous move.
"This is personally a huge risk for me," he told People. "We have seven people, and we privately funded this. We are doing it. We're risking everything."
He later added: "I knew that we were taking on a monumentally difficult project in an industry that's really tough, because we are up against some big brands with some big funding. We just had to collectively believe in what we were doing."
Ant and Jenson starred in a five-part docuseries called Radford Reborn in which they built their Lotus-Radford Type 62-2 supercar. The vehicle went on to win a series of major awards.
The bankruptcy filing comes several months after one of Ant's business partners, Pat Velasco, filed a lawsuit against Ant and another founder of the company, Daniel Bednarski.
Pat claims he's owed $2 million.
Another complaint was filed in July in which Ant and Daniel are accused of mismanaging the company's finances.
The latter issued a statement to People regarding the decision to file for bankruptcy.
Bednarski explained the decision.
"Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future," he said. "During this process, it's expected that certain ownership transitions will occur, which is an important step in our evolution. We are excited about the road ahead and remain focused on continuing business as usual with renewed energy and purpose."
Alongside his business ventures, Ant is a dad to Hudson, four, with Christina. He also has two grown children in the UK.
He was married to the Flip or Flop star from 2018 to 2021. Ant is now in a relationship with Renee Zellweger.