David Beckham has initiated legal action against Mark Wahlberg and other associates over allegations of financial misconduct linked to the fitness brand F45, where both celebrities had invested. Beckham’s lawsuit, filed in response to what he claims were misleading actions that caused him to miss out on millions in profit, centers on a deal gone sour involving the fitness company.
The controversy began when Beckham became a global ambassador for F45, following Wahlberg’s acquisition of a minority stake in the company in 2019. Beckham’s involvement was highly publicized, with several promotional activities intended to boost the brand’s profile. However, according to Beckham’s legal team, he was promised shares in the company as part of his compensation—a promise that was delayed and, ultimately, not fulfilled under the agreed conditions.
At the start of 2022, F45 shares were valued at approximately $11, but they spiked to over $15 before drastically falling to under $4 by mid-year. Beckham’s lawsuit alleges that the delay in receiving his shares caused him to lose out on about £8.5 million (approximately $10.9 million) in potential profits, as he did not have the opportunity to sell the shares when their value was at its peak.
The defendants, including Wahlberg’s Mark Wahlberg Investment Group and F45 founders Adam Gilchrist and Rob Deutsch, have dismissed the accusations, labeling them as baseless. They have requested that the judge dismiss the lawsuit, arguing that the claims lack substantive merit.
This legal battle marks the second lawsuit Beckham has filed against F45. Previously, he and golfer Greg Norman had sued the company over unpaid sponsorship payments in both cash and stock, which they claimed helped the company achieve a higher valuation when it went public. However, a judge ruled that Beckham and Norman would need to pursue their claims separately.
The situation highlights significant issues within celebrity-endorsed business ventures, particularly around the transparency and execution of compensation agreements. It also underscores the volatile nature of stock-based compensation, especially in industries like fitness, where market values can fluctuate wildly based on consumer trends and company performance.
As the case progresses, it will provide insights into the legal protections available to celebrity investors and the responsibilities of businesses that engage in high-profile partnerships. This lawsuit could set precedents for how similar cases are handled in the future, particularly in situations where the lines between celebrity endorsements and investment stakes blur.
