Current:Home > reviewsDavid Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company -Pinnacle Profit Strategies
David Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company
View
Date:2025-04-27 14:33:35
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! (411)
Related
- Woman dies after Singapore family of 3 gets into accident in Taiwan
- Cyprus has a plan for a humanitarian sea corridor to Gaza and will present it to EU leaders
- Russian troops shoot and kill a Georgian civilian near the breakaway province of South Ossetia
- Fantasy football start 'em, sit 'em: 16 players to start or sit in Week 10
- Toyota to invest $922 million to build a new paint facility at its Kentucky complex
- Biden administration warns of major disruption at border if judges halt asylum rule
- MLB free agent rankings: No surprise at the top, but plenty of big names are up for grabs
- Horoscopes Today, November 7, 2023
- Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
- Jury reaches verdict in trial of third officer charged in 2019 death of Elijah McClain
Ranking
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- More than 300 Americans have left Gaza in recent days, deputy national security adviser says
- Hospitals in Israel move underground to keep working amid rockets from Lebanon
- A series of powerful earthquakes shakes eastern Indonesia. No immediate reports of casualties
- Backstage at New York's Jingle Ball with Jimmy Fallon, 'Queer Eye' and Meghan Trainor
- Virginia’s governor declares a state of emergency as firefighters battle wildfires
- Recently reinstated Martavis Bryant signing with Dallas Cowboys after workout
- Florida House passes measures to support Israel, condemn Hamas
Recommendation
Paris Hilton, Nicole Richie return for an 'Encore,' reminisce about 'The Simple Life'
Deion Sanders on play-calling for sliding Colorado football team: 'Let that go man'
Kenny Chesney, Zac Brown Band announce 2024 stadium tour: How to get tickets
A lawsuit denouncing conditions at a West Virginia jail has been settled, judge says
Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
Don't respond to calls and texts from these 12 scam phone numbers
Pakistani premier tries to reassure Afghans waiting for visas to US that they won’t be deported
To figure out the future climate, scientists are researching how trees form clouds