David Beckham & Greg Norman Are Suing F45 For Failed Contract Payments

Golden Balls and The Shark out for justice.

David Beckham & Greg Norman Are Suing F45 For Failed Contract Payments

Global megastar David Beckham and LIV Golf founder Greg Norman have both filed a lawsuit against Australian-based F45 for a sum in excess of $20 million, due to the fitness company – which has Mark Wahlberg on its list of investors – allegedly failing to pay equity payments and compensation.

According to legal documents, which have been obtained by The Blast, both David Beckham and former professional Australian golfer Greg Norman are claiming neither of them have been paid money essentially promised to them, in return for their promotion of the F45 brand – founded by Rob Deutsch – to help it break into America.

Golden Balls and The Shark have promoted F45 through their social channels, in print media and through our marketing channels. Beckham is claimed to have been promised $1.5 million each year in return for his promotional services, along with a percentage of the company’s stock, says The Blast. Norman’s annual fee is unknown.

The lawsuit, which represents both sporting stars, claims F45’s relationship with the duo “enhanced its public profile and credibility and helped roll out new fitness offerings for F45,” which are said to be significant contributing factors in F45’s valuation in 2021 when it went public. The valuation at this time was nearly three times higher than it was two years prior.

WATCH: David Beckham’s DB45 Workout

Beckham was actually announced as a global partner of F45 in 2021, after having invested in the brand in 2020. As part of his partnership, he posted various images and videos to his social media channels, including those that showed him performing F45 workouts and even developing his own.

At the time of publishing, these posts are still active on David’s social accounts.

But lately, things haven’t been going too well for the Australian cult community-based fitness regime. Earlier in 2022, F45’s share price began to plummet and in recent weeks, became subject of a $385 million takeover bid by Kennedy Lewis Investment Management LP, already an investor in the fitness chain.

It’s because of this faltering that has caused F45 to withhold payments from Beckham and Norman. Beckham also claims, as per The Blast, “the company failed to issue him shares of the company which was contractually obligated.”

“As a result, David says the value of the stock dropped making his share ‘approximately $11.33 million as of the First Vesting Date, January 15, 2022. By September 23, 2022, however, their value had dropped precipitously and was approximately $1.97 million-a mere fraction of the value (Beckham’s Company) would have received had F45 timely complied with its contractual obligations.'”

Becks adds that other investors in F45 have been given preferential treatment, including Mark Wahlberg, ” to allow them to profit more from their ownership.”

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