Current:Home > ScamsDavid Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company -Strategic Profit Zone
David Beckham Files Lawsuit Against Mark Wahlberg-Backed Fitness Company
View
Date:2025-04-12 23:42:09
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! (58)
Related
- Dick Vitale announces he is cancer free: 'Santa Claus came early'
- Frank Gore Jr. signs with Buffalo Bills as undrafted free agent, per report
- The Best Early Way Day 2024 Deals You Can Shop Right Now
- Tornadoes destroy homes in Nebraska as severe storms tear across Midwest
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- Loved ones await recovery of 2 bodies from Baltimore bridge wreckage a month after the collapse
- From New York to Arizona: Inside the head-spinning week of Trump’s legal drama
- Alaska’s Indigenous teens emulate ancestors’ Arctic survival skills at the Native Youth Olympics
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- South Dakota Gov. Kristi Noem writes about killing her dog in new book
Ranking
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- Woman after woman told her story, but the rape conviction didn't stand. Here's why.
- NFL draft grades: Every pick from 2024 second and third round
- 2024 Kentucky Derby post positions set: Here's where each horse landed
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- MLS schedule April 27: Messi visits Foxborough, New York Red Bulls in another intriguing game
- Match Group CEO Bernard Kim on romance scams: Things happen in life
- Loved ones await recovery of 2 bodies from Baltimore bridge wreckage a month after the collapse
Recommendation
Opinion: Gianni Infantino, FIFA sell souls and 2034 World Cup for Saudi Arabia's billions
Tornadoes kill 2 in Oklahoma as governor issues state of emergency for 12 counties amid storm damage
Police in Tennessee fatally shot man after he shot a woman in the face. She is expected to survive
Obstacles remain as women seek more leadership roles in America’s Black Church
A White House order claims to end 'censorship.' What does that mean?
Lawsuit claims bodycam video shows officer assaulting woman who refused to show ID in her home
Brewers' Wade Miley will miss rest of 2024 season as Tommy John strikes another pitcher
What time is 2024 NFL draft Saturday? Time, draft order and how to watch final day