David Beckham has officially settled his lawsuit against Mark Wahlberg’s fitness company, F45 Training.
On June 6, F45 Training issued a press release announcing that it had “reached an agreement to resolve a previous lawsuit brought by DB Ventures Limited.” The lawsuit concerned Beckham’s “goodwill ambassador agreement,” as the owner of DB Ventures Limited. Not only was the lawsuit dismissed, but “DB Ventures Limited remains an investor in F45 Training.”
Dan Dienst, executive vice chairman of Authentic Brands Group, also released a statement on behalf of DB Ventures Limited about the partnership with F45. “We are pleased to have resolved this matter and maintained our investment in F45, and we wish the team every success in the future,” he said in a press release.
F45 Training CEO Tom Dowd also released a statement, saying the company is committed to its partnership with the former soccer star. Dowd also expressed excitement as F45 Training continues to grow.
“F45 has been and continues to be a long-time supporter of Beckham, and Beckham has been a supporter of our brand, and we are pleased that we have come to a mutual business decision to resolve this issue,” the company said in a press release. “We remain committed to supporting the growth of our franchisees around the world, as evidenced by strong April year-over-year same-store sales growth of 9.4% for F45, 14.9% for FS8 Pilates and 41.7% for VAURA Pilates.”
Independent Representatives for Wahlberg and Beckham have been contacted for comment.
Beckham, who signed a five-year contract with F45 Training in October 2022, first alleged in the lawsuit that the company failed to timely transfer $1 million worth of stock to him, along with another $5 million worth of stock that Beckham never received.
His complaint is, peopleBeckham maintained that he complied with the terms of the contract, and his lawyers argued that the partnership “has enhanced the profile and credibility of F45 and helped launch new fitness services.”
“As F45’s business began to slow in 2022 due to financial mismanagement and macroeconomic pressures, F45 withheld millions of dollars in contractually obligated payments,” the complaint states.
In October 2022, Beckham filed a lawsuit against F45 for breach of contract over a promotional deal he first signed in 2020, seeking a total of $18.8 million in damages. peopleIn his lawsuit, he claims he is entitled to $14.3 million in damages, as well as $4.5 million in declaratory relief under his contract with F45.
last month, Sun The paper also reported that Baekham’s lawsuit is ongoing over a business dispute, with the sports legend also claiming he lost $10 million after shares he was promised before the stock price crashed were withheld.
F45 and Beckham’s company announced the lawsuit had been dropped, but it is unclear what kind of agreement the two companies reached.
