David Beckham has officially settled his lawsuit against Mark Wahlberg’s fitness company, F45 Training.
On 6 June, F45 Training issued a press release to reveal that it “reached an agreement resolving a prior lawsuit brought by DB Ventures Limited”. The lawsuit was concerning “an ambassadorial agreement for” Beckham, who is the owner of DB Ventures Limited. The lawsuit has not only been dismissed but “DB Ventures Limited will remain an investor in F45 Training”.
Dan Dienst, executive vice chairman of Authentic Brands Group, also issued a statement on behalf of DB Ventures Limited about working with F45. “We are pleased to have settled this issue and to retain our investment in F45, and wish the team all the best for the future,” he said in the press release.
Tom Dowd, CEO of F45 Training, also issued a statement, noting that the company is committed to its partnership with the former soccer star. Dowd also expressed his excitement over how F45 Training has continued to grow.
“For a long time, F45 has been – and continues to be – a supporter of Beckham, as he has been for our brand, and are pleased to have reached a mutual business decision to resolve the matter,” he said in the press release. “We remain committed to supporting the growth of our global franchisees as demonstrated by our recent strong year-over-year same store sales growth in April of 9.4 percent (F45), 14.9 percent (FS8 Pilates) and 41.7 percent (VAURA Pilates).”
The Independent has contacted representatives for Wahlberg and Beckham for comment.
Back in October 2022, Beckham – who was a part of a five-year agreement with F45 Training – first alleged in the lawsuit that the company failed to transfer nearly $1m worth of stock shares to him in a timely manner. There was also an addition of $5m worth of stock shares that he never received.
In his complaint, shared via People, Beckham claimed he followed the terms of his agreement, with his legal team alleging that his partnership “enhanced its public profile and credibility and helped roll out new fitness offerings for F45”.
“As F45’s business began to falter in 2022 due to fiscal mismanagement and macroeconomic pressures, F45 withheld millions of dollars in contractually obligated consideration,” the complaint reads.
In October 2022, Beckham sued F45 for a total of $18.8m for breach of contract over a promotional deal, which he first entered in 2020. As reported by People, he claimed in the lawsuit that he was not only owed $14.3m in damages, but he was also entitled to $4.5m for declaratory relief under his contract with F45.
Last month, The Sun also reported that Bekcham’s lawsuit had continued over a business dispute. According to the publication, the sports legend also claimed he lost $10m when stocks he was promised were withheld before share prices plummeted.
While F45 and Beckham’s company announced that the lawsuit is dismissed, it’s unclear what agreement the two companies.