Current:Home > NewsDavid Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company -Ascend Finance Compass
David Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company
View
Date:2025-04-17 19:41:33
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! (2524)
Related
- Meta donates $1 million to Trump’s inauguration fund
- Proposal to create a new political mapmaking system in Ohio qualifies for November ballot
- Kamala Harris' economic policies may largely mirror Biden's, from taxes to immigration
- Fire Once Helped Sequoias Reproduce. Now, it’s Killing the Groves.
- Federal hiring is about to get the Trump treatment
- Haason Reddick continues to no-show Jets with training camp holdout, per reports
- Survivors sue Illinois over decades of sexual abuse at Chicago youth detention center
- Some Republicans are threatening legal challenges to keep Biden on the ballot. But will they work?
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- John Mulaney's Ex Anna Marie Tendler Details Her 2-Week Stay at Psychiatric Hospital
Ranking
- Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
- Stock market today: Asian stocks fall after a torrent of profit reports leaves Wall Street mixed
- Man pleads guilty to bribing a Minnesota juror with a bag of cash in COVID-19-related fraud case
- Police seek suspects caught on video after fireworks ignite California blaze
- Rams vs. 49ers highlights: LA wins rainy defensive struggle in key divisional game
- Matthew Stafford reports to training camp after Rams, QB modify contract
- New owner nears purchase of Red Lobster after chain announced bankruptcy and closures
- Terrell Davis' lawyer releases video of United plane handcuffing incident, announces plans to sue airline
Recommendation
Alex Murdaugh’s murder appeal cites biased clerk and prejudicial evidence
The Secret Service budget has swelled to more than $3 billion. Here's where the money goes.
Multimillion-dollar crystal meth lab found hidden in remote South Africa farm; Mexican suspects arrested
Biden Administration Targets Domestic Emissions of Climate Super-Pollutant with Eye Towards U.S.-China Climate Agreement
Taylor Swift makes surprise visit to Kansas City children’s hospital
Nevada election officials ramp up voter roll maintenance ahead of November election
Starbucks offering half-price drinks for a limited time Tuesday: How to redeem offer
Scheana Shay Addresses Rumors She's Joining The Valley Amid Vanderpump Rules' Uncertain Future