David Beckham has settled a lawsuit with Mark Wahlberg after previously suing his fitness company, F45 Training.
Former England legend Beckham began legal proceedings in October 2022, when he sued the company for a total of $18.8 million (£14.7 million) due to breach of contract over a promotional deal.
Beckham had become involved with F45 - a company Wahlberg is a minority shareholder of - back in November 2020, working as a brand ambassador.
Advert
Beckham and Wahlberg became friends after the former footballer made his move from Real Madrid to LA Galaxy in 2007, with them living in the same neighbourhood in Los Angeles.
During the contract, Beckham's company DB Ventures Limited stated that he was meant to receive a compensation of $1.5 million (£1.2 million) a year.
Beckham was also allegedly set to receive shares from F45, which would be given to him six months and 12 months after the fitness company went public in 2021.
Advert
However, in the complaint filed by DB Ventures Limited, who were acting on behalf of Beckham, they claimed that DBVL had held up their end of the contract but F45 had 'failed to issue substantial cash and equity compensation' outlined in their agreement.
According to a report published by PEOPLE, Beckham had claimed he was owed $14.3 million (£11.2 million) in damages alongside an extra $4.5 million (£3.5 million) for declaratory relief.
A report published last month in The Sun also revealed that Beckham's lawsuit also included a claim from the ex-footballer that he had lost $10 million (£8.8 million) when stocks he was promised dropped in value before being given to him.
F45 had originally asked to have the case dismissed, however, it later scheduled to go to trial in 2025.
Advert
An update has now been issued on the case, revealing the two parties have been able to reach a settlement.
The press release states that F45 has 'has reached an agreement resolving a prior lawsuit brought by DB Ventures Limited, which concerned an ambassadorial agreement for David Beckham'.
Beckham will also remain an investor in the company.
Advert
“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,” Tom Dowd, CEO of F45 Training, said.
F45 Training currently has over 2,000 studios in over 60 countries and was ranked as the number one fitness franchise in US back in 2021.
Dan Dienst, Executive Vice Chairman of Authentic Brands Group, on behalf of DB Ventures Limited, said of the agreement: "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."
Further details of the agreement reached between the two parties have not been released.
Topics: David Beckham, Mark Wahlberg, Celebrity, Money
Brenna Cooper