Boris Becker has been declared bankrupt by a London bankruptcy court.
Boris Becker, 49, owed a company of private bankers a large sum and the court registrar said there was not enough credible evidence that he could pay.
His lawyers asked for a final chance to pay with the funds from remortgaging a property in Majorca.
The three-time Wimbledon tennis champion, now a coach and TV pundit for the BBC and other media, was not at the hearing in London.
The bankruptcy application was made by Arbuthnot Latham in connection with a debt owed to them for nearly two years.
In a statement, Boris Becker said he was “surprised and disappointed” that Arbuthnot Latham had chosen to bring the proceedings against him.
“This order relates to one disputed loan which I was due to repay in full in one month’s time,” he said.
“It is disappointing that my request for today’s hearing to be postponed until this time was refused. My earnings are well publicized and it is clear that I have the means to repay this debt.
“The value of the asset in question far exceeds the debt owed to Arbuthnot Latham.”
Boris Becker’s lawyers had asked for another 28-day adjournment after saying that they expected the Majorca property deal to be completed in a month’s time.
However, the registrar rejected the plea and said: “It is not often the case that a professional person has a judgment (debt) outstanding against them since October 2015. This is a historic debt.
“One has the impression of a man with his head in the sand.”
Boris Becker’s advocate, John Briggs, said: “He is not a sophisticated individual when it comes to finances. I am asking for a real last chance for Mr. Becker to come good. It has just taken longer than anticipated.”
Since retiring from tennis, Boris Becker has worked in business and the media and he also coached former world No 1 Novak Djokovic for three years from 2013.