David Beckham Sues Fitness Company F45 Training for Millions Over Alleged Breach of Contract

David Beckham, the soccer icon and co-owner of Inter Miami, has filed a lawsuit against the fitness company F45 Training, which is partly owned by actor Mark Wahlberg. Beckham's company, DB Ventures, claims that F45 owes him $15 million due to a 2020 deal that fell through.

According to the lawsuit, Beckham entered a five-year agreement in 2020 to be a brand ambassador for F45, with the company promising to pay him $1.5 million per year and provide shares of the company. However, DB Ventures alleges that F45 failed to transfer nearly a million shares of stock and issue $5 million worth of additional shares, causing Beckham to miss out on $9.3 million after the stock price fell.

Beckham is seeking over $14 million in damages from F45. The lawsuit claims that the delayed stock transactions caused him to lose $9.3 million when the share price dropped. DB Ventures is asking F45 to pay Beckham $9.3 million for the lost stock value plus an additional $5 million in damages.

F45 has responded to the lawsuit by claiming that Beckham did not fulfill his obligations to the brand and is "attempting to benefit from his own wrongdoing." The company denies Beckham's allegations and claims that he did not fully uphold his part of the contract.

Why this matters: The legal battle between David Beckham and F45 Training highlights the potential risks and complexities involved in celebrity endorsement deals. The outcome of this high-profile case could have implications for future partnerships between celebrities and brands.

The lawsuit comes as F45 has faced financial troubles, with the company delisting from the stock exchange in 2023 after failing to file its 2022 financials. Beckham is not the only former brand ambassador to accuse F45 of not paying promised compensation, with former NFL player Terrell Owens also suing the company in the past. A motion to dismiss the trial by F45 was denied, and a jury trial is set for January 24, 2025.

Key Takeaways

• David Beckham sues F45 Training for $15M over failed 2020 brand ambassador deal.
• F45 allegedly failed to transfer shares and pay Beckham, causing him to lose $9.3M.
• F45 claims Beckham did not fulfill obligations, denies allegations.
• Lawsuit highlights risks in celebrity endorsement deals, as F45 faces financial troubles.
• Former NFL player Terrell Owens also sued F45 over unpaid compensation.