Current:Home > StocksDavid Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company -GrowthProspect
David Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company
View
Date:2025-04-12 06:10:59
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! (5)
Related
- Nearly 400 USAID contract employees laid off in wake of Trump's 'stop work' order
- Carl Weathers' 5 greatest roles, from 'Rocky' and 'Predator' to 'The Mandalorian'
- Former Bengals LB Vontaze Burfict says he only hit late against Steelers
- California bald eagles care for 3 eggs as global fans root for successful hatching
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Virginia music teacher Annie Ray wins 2024 Grammy Music Educator Award
- A guide to the perfect Valentine's Day nails, from pink French tips to dark looks
- US, Britain strike Yemen’s Houthis in a new wave, retaliating for attacks by Iran-backed militants
- Current, future North Carolina governor’s challenge of power
- Mark Zuckerberg to families of exploited kids: 'I'm sorry for everything you've been through'
Ranking
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- Super Bowl squares: How to play and knowing the best (and worst) squares for the big game
- Taking the SAT in March? No need to sharpen a pencil
- Kelsey Plum 'excited' to see Iowa's Caitlin Clark break NCAA scoring record
- What to watch: O Jolie night
- At least 46 were killed in Chile as forest fires move into densely populated areas
- Edmonton Oilers winning streak, scoring race among things to watch as NHL season resumes
- Ayo Edebiri confronts Nikki Haley, 'SNL' receives backlash for cameo
Recommendation
A South Texas lawmaker’s 15
Episcopal Diocese of Mississippi elects its first woman and first Black person as bishop
Edmonton Oilers winning streak, scoring race among things to watch as NHL season resumes
Untangling the Complicated Savanah Soto Murder Case
Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
Off-duty Nebraska police officers shoot and kill two men
Another ‘Pineapple Express’ storm is expected to wallop California
How 2024 Caribbean Series was influenced by MLB legend Ralph Avila | Nightengale's Notebook