Current:Home > FinanceDavid Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company -WealthRoots Academy
David Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company
View
Date:2025-04-18 11:12:21
It's David Beckham versus Mark Wahlberg.
The soccer star's firm DB Ventures filed a lawsuit against the fitness organization F45 Training, which is backed by the actor, in April 2023, Today reports while citing court documents obtained by NBC News.
Per a copy of the complaint reviewed by outlet, Beckham formed a five-year agreement with F45 Training in 2020 to help it grow before it went public in July 2021—such as by sharing social media posts about the brand that have since been deleted.
Today, citing the complaint, reports that F45 Training agreed to pay Beckham $1.5 million a year for his services as well as company stock that would be offered to him six months and then 12 months after its public offering.
However, attorneys for Beckham's DB Ventures allege that F45 Training didn't hold up its end of the bargain and that it didn't transfer and register the shares of stock until about eight months after the date the parties agreed to despite Beckham's attorneys sending several letters asking for this issue to be corrected, Today reports citing the court documents.
During this eight-month period, the complaint reportedly continues, F45 Training's stock price dropped—with Beckham's attorneys claiming the stock shares were worth approximately $9.3 million less than they were in January 2022.
As a result, Beckham's DB Ventures is suing F45 Training for $9.3 million, plus an additional $5 million, as well as $4.5 million he says he was set to receive for the rest of his agreement with F45 Training, Today writes citing the complaint.
However, attorneys for F45 Training denied these allegations and argued it did provide Beckham the agreed-upon shares, according to an answer to the complaint obtained by Today. Per the outlet, the organization filed a motion to dismiss the lawsuit but it was denied in September 2023.
Wahlberg first became a strategic investor in F45 Training in 2019 and was named chief brand officer of the organization in 2023.
Meanwhile, David's partnership with F45 Training was announced in August 2021, with the retired athlete describing his bond with the Oscar nominee and sharing his thoughts on the company in a blog post.
"I've been a fan of the F45 franchise and training model since being introduced by my friend, Mark Wahlberg," he wrote on F45 Training's website at the time. "Health and fitness have always been a big part of my life and, since my days playing football, I have always found I'm at my best when training as part of a team."
"F45 has a strong community and trainers that help you reach your goals and achieve powerful results," Beckham had added. "This partnership is an exciting business venture for me also, and I'm looking forward to the journey with F45 as the business continues to expand globally."
E! News has reached out to Beckham and Wahlberg's teams for comment but has yet to hear back.
(E! and NBC News are both part of the NBCUniversal family).
For the latest breaking news updates, click here to download the E! News AppveryGood! (1)
Related
- The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
- Alabama five-star freshman quarterback Julian Sayin enters transfer portal
- The Non-Aligned Movement calls Israel’s war in Gaza illegal and condemns attacks on Palestinians
- Macy's layoffs 2024: Department store to lay off more than 2,000 employees, close 5 stores
- Highlights from Trump’s interview with Time magazine
- Judge ends suspension of Illinois basketball star Terrence Shannon Jr., charged with rape
- Deposition video shows Trump claiming he prevented nuclear holocaust as president
- Ravens vs. Texans highlights: Lamar Jackson leads Baltimore to AFC championship game
- Could your smelly farts help science?
- Ancient sword with possible Viking origins and a mysterious inscription found in Polish river
Ranking
- Meta donates $1 million to Trump’s inauguration fund
- 121 unmarked graves in a former Black cemetery found at US Air Force base in Florida, officials say
- Hey Now, These Lizzie McGuire Secrets Are What Dreams Are Made Of
- Palestinian death toll soars past 25,000 in Gaza with no end in sight to Israel-Hamas war
- Senate begins final push to expand Social Security benefits for millions of people
- Election-year politics threaten Senate border deal as Trump and his allies rally opposition
- A probe into a Guyana dormitory fire that killed 20 children finds a series of failures
- North Carolina school board backs away from law on policies on pronouns, gender identity instruction
Recommendation
A South Texas lawmaker’s 15
Walmart managers to earn at least $128,000 a year in new salary program, company announces
Here's how much Walmart store managers will earn this year
Alec Baldwin indicted on involuntary manslaughter charge again in 'Rust' shooting
Charges tied to China weigh on GM in Q4, but profit and revenue top expectations
Palestinian death toll soars past 25,000 in Gaza with no end in sight to Israel-Hamas war
Alabama five-star freshman quarterback Julian Sayin enters transfer portal
4 local police officers in eastern Mexico are under investigation after man is shot to death