In a shocking update, ex-star footballer David Beckham has sued F45 Training, a fitness company where Hollywood star Mark Wahlberg owns majority stakes.
What’s the Whole Story of David Beckham and Mark Wahlberg’s Legal Spat?
David Beckham’s own company DB Ventures has filed a lawsuit claiming that F45 training has breached the contract as they didn’t pay him for being the Global Ambassador of the brand.
For those who aren’t aware, Mark has a 36% stake in the company while he also serves as its chief branding officer. F45 was started in 2011 in Australia, and it offers services in health, gym, and fitness in across 60 countries.
The company saw exponential growth and back in 2021, it was also the fastest-growing fitness brand in the US. In 2019, Mark Wahlberg’s investment company bought majority shares in the company and two years later it went public with a valuation of US$1.4 billion.
Everything seems pretty normal at this point, right? Well no, as the problems started for the company after they went public. The situation became so dire that the company lost more than $350 million in the next two years, and its CEO ex Australian cricketer Adam Gilchrist stepped down from his position.
The situation got even worse in 2023 when the company’s share price fell by 75% and was delisted from the New York Stock Exchange.
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David Beckham’s Demands.
When F45 was planning for its first IPO back in 2020, they signed David for the promotions and reportedly there was a 5-year agreement signed between the two parties.
Beckham was supposed to get paid with $1.5 million and some shares in the company. Beckham’s attorneys in the lawsuit have claimed that the company didn’t transfer any share to David till eight months after the contract was signed and by that time the share prices had fallen drastically.
So, now David is demanding $9.3 million and an additional $5 million, to settle the lawsuit. F45 has denied all the claims and it seems like this issue will turn ugly in the future.
