Current:Home > MarketsDavid Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company -Dynamic Profit Academy
David Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company
View
Date:2025-04-16 13:54:43
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! (8)
Related
- DoorDash steps up driver ID checks after traffic safety complaints
- Colorado students at private career school that lost accreditation get federal loan relief
- Jason Aldean blasts cancel culture, defends Try That in a Small Town at Cincinnati concert
- 'Jeopardy!' champs to boycott in solidarity with WGA strike: 'I can't be a part of that'
- Taylor Swift Cancels Austria Concerts After Confirmation of Planned Terrorist Attack
- Why Megan Fox Is Telling Critics to Calm Down Over Her See-Through Dress
- Biden to forgive $130 million in debt for CollegeAmerica students
- Chicago Blackhawks owner Rocky Wirtz dies at age 70
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- North Carolina woman wins $723,755 lottery jackpot, plans to retire her husband
Ranking
- 2024 Olympics: Gymnast Ana Barbosu Taking Social Media Break After Scoring Controversy
- Small funnel cloud over US Capitol turns into viral photo
- Michael Jackson sexual abuse lawsuits on verge of revival by appeals court
- 'A great man': Chicago Blackhawks owner Rocky Wirtz dies at age 70
- The Daily Money: Disney+ wants your dollars
- 3 US Marines found dead inside car at North Carolina gas station near Camp Lejeune
- Comedian Dave Chappelle announces fall dates for US comedy tour
- She was diagnosed with cancer two months after she met her boyfriend. Her doctors saw their love story unfold – then played a role in their wedding
Recommendation
JoJo Siwa reflects on Candace Cameron Bure feud: 'If I saw her, I would not say hi'
Can the US economy dodge a recession with a 'soft landing?' Here's how that would work.
Chris Eubanks finds newfound fame after Wimbledon run. Can he stay hot ahead of US Open?
Breakups are hard, but 'It's Been a Pleasure, Noni Blake' will make you believe in love again
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Lionel Messi shines again in first Inter Miami start, scores twice in 4-0 win over Atlanta
Judge vacates desertion conviction for former US soldier captured in Afghanistan
Why Megan Fox Is Telling Critics to Calm Down Over Her See-Through Dress